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Tullett Prebon and Icap combine to create broking behemoth

Discussion in 'Market News' started by Lily, Nov 12, 2015.

  1. Lily

    Lily Forum Member

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    New firm will have nearly 50% of the interdealer broking market but cost cutting of up to 30% expected

    Tullett Prebon has said it will acquire Icap’s global interdealer broking business for £1.1bn in an attempt to combat falling profits in a sector struggling from shrinking trading volumes.

    Details of the tie-up come six days after the pair confirmed they were in talks. Michael Spencer, Icap’s chief executive, said the businesses would benefit from improved scale. Large cost cuts are also expected, with Citi, one of the advisers, predicting a 30% reduction in joint costs.

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