TP ICAP closes Liquidnet acquisition
Interdealer broker TP ICAP Group plc (LON:TCAP) today confirms it has completed the acquisition of Liquidnet Holdings, Inc.
The acquisition creates a diversified global markets infrastructure and data solutions provider. The enlarged group is well-positioned to benefit from powerful market structure trends related to buyside objectives. These include achieving trade process efficiency and best execution, which are propelling the rapid electronification of financial market trading across multiple asset classes and, in particular, in the dealer-to-client segments of the Credit and Rates markets.
Nicolas Breteau, Chief Executive Officer, TP ICAP:
“Completing the acquisition of Liquidnet is an important milestone for TP ICAP. Bringing together two highly complementary businesses transforms our growth prospects by materially accelerating the execution of our strategy. Our focus now is on the swift integration of Liquidnet and realising the compelling opportunities to drive higher revenues and returns to shareholders.”
As FX News Group has reported, in October 2020, TP ICAP said it had agreed on the definitive terms to acquire the entire issued share capital of Liquidnet Holdings, Inc.
Back then, 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.