Tullett Prebon Confirms Acquisition of ICAP's Brokering Unit
November 11 2015 - 4:10AM
Dow Jones News
LONDON—Interdealer broker Tullett Prebon PLC confirmed Wednesday
it is buying ICAP PLC's global hybrid voice brokering and
information business in return for shares representing 56% of the
enlarged issued share capital.
The two companies announced last week that they were in talks
and a person close to the situation told The Wall Street Journal
the deal could be worth more than £ 1 billion ($1.5 billion).
Upon completion of the deal ICAP shareholders will hold 36.1% of
the enlarged group, ICAP will hold 19.9% and existing Tullett
Prebon shareholders will hold 44% of the enlarged share
capital.
Tullett Prebon Chairman Rupert Robson said the acquisition would
deliver attractive financial returns for shareholders.
Separately ICAP reported a 17% rise in its headline trading
profit before tax and said it remains well positioned to benefit
from any future improvement in trading conditions.
For the half year ended Sept. 30 ICAP made a trading profit,
which strips exceptional and other one-off items, of £ 101 million,
compared with £ 86 million a year earlier, on revenue of £ 595
million and £ 620 million respectively.
Profit before tax for the half year was £ 83 million, compared
with £ 36 million for the first half of fiscal 2015.
The dividend has been maintained at 6.6 pence.
Write to Ian Walker at ian.walker@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 11, 2015 03:55 ET (08:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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