Interdealer broker TP ICAP PLC (LON:TCAP) announces that today, October 9, 2020, it received a notification relating to purchases of ordinary shares of £0.25 each in the company.

Richard Berliand, Chairman of TP ICAP, bought 25,000 shares in the company at a price of £2.2932 per share. The date of the transaction is October 9, 2020.

Earlier today, TP ICAP confirmed that it has agreed definitive terms to acquire the entire issued share capital of Liquidnet Holdings, Inc.

TP ICAP put the total consideration at between US$575 million and US$700 million, comprising cash consideration of US$525 million (subject to customary adjustments) payable on completion of the acquisition, non-contingent deferred consideration of US$50 million and contingent consideration of up to US$125 million.

If the acquisition secures the approval of the TP ICAP shareholders, the Board intends to recommend a one-off 50% reduction of the minimum £94 million dividend in respect of the financial year ending 31 December 2020.

For the financial year ending 31 December 2021 onwards, the Board intends to introduce a new dividend policy that will target a dividend cover of approximately 2x underlying earnings.

The acquisition is expected to close in the first quarter of 2021.