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CMA considers ICAP remedy to clear Tullett deal

22 June 2016 07:35

ICAP has noted that the Competition and Markets Authority will consider the proposed remedy of a sale of the company's voice/hybrid EMEA oil broking business to address concerns over the sale of ICAP's global hybrid voice broking and information business to Tullett Prebon.

ICAP and Tullett Prebon are working together to achieve the sale of the voice/hybrid EMEA oil broking business within the appropriate timeframe. Together with Tullett Prebon, ICAP remains focused on the process of obtaining the necessary remaining regulatory and competition approvals in order to complete the transaction. The proposed deal remains on track to complete later this year.

ICAP no longer intends to retain a 19.9% interest in TP ICAP plc after completion of the transaction and has agreed with Tullett Prebon that, subject to the requisite approvals (including the approval of ICAP shareholders), these shares will be issued directly to ICAP shareholders such that they will hold approximately 56% of TP ICAP's enlarged share capital on completion. A revised circular will be sent to ICAP shareholders in due course.

Upon completion the ICAP Group will begin to trade as NEX Group plc, a focused electronic and post trade group with a leading portfolio of financial market infrastructure businesses and products.

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