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ICAP gets court approval in Tullett deal

U.K.-based ICAP Plc said Dec. 14 that it received court approval in connection with the sale of its global hybrid voice broking and information business to Tullett Prebon Plc.

ICAP said the court approved to establish NEX Group plc as the holding company of ICAP and its subsidiaries and also approved the reduction of its capital.

Holders of ICAP ordinary shares are entitled to one NEX ordinary share for each ICAP share held Dec. 14, the company said.

ICAP has requested that the premium listing of its securities on the official list be cancelled and that its securities cease to be admitted to trading on the London Stock Exchange's main market with effect from Dec. 15. Admission of NEX ordinary shares to the premium listing segment and to trading on the LSE are expected to take place Dec. 15.

J.P. Morgan Cazenove and Evercore are serving as joint financial advisers and joint sponsors to ICAP and NEX for the transaction, which is slated to complete Dec. 30, subject to satisfaction or waiver of the remaining conditions.