TP ICAP completes acquisition of hybrid broking business from NEX Group

30th Dec 2016 07:56

(ShareCast News) - TP ICAP, formerly Tullett Prebon, has completed the acquisition of the hybrid voice broking and information business from NEX Group, the new holding company of ICAP Group, for 310.3m shares.The deal also includes NEX's associated technology, broking platforms and some of its joint ventures and associates.The 310.3m new TP ICAP shares at 17.5p each were admitted to trade on the London Stock Exchange on Friday. TP ICAP's issued share capital now consists of 554.1m shares with voting rights and none in treasury.TP ICAP's chief executive John Phizackerley, said: "This deal creates the leading interdealer broker in the world. It is a transformational acquisition for TP ICAP, providing a unique opportunity to accelerate our strategy and deliver for our clients, our employees and our shareholders."ICAP Plc renamed itself NEX Group in order to enter the the electronic markets and post trade services industry.Michael Spencer, chief executive of NEX, said: "Today we complete our transformation as we officially launch NEX Group, a technology services company ready to capitalise on the enormous opportunities that technology affords to financial markets in the 21st century."NEX Group will begin 2017 as a new company, but one with a long and successful heritage. I'm proud of where we've come from and incredibly excited about where we are going. In an era of rapid regulatory and technological change, NEX will empower financial markets and bring greater efficiency, transparency and scale to our clients."