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TP ICAP takes over NEX Group's global broking biz

TP ICAP plc, formerly Tullett Prebon Plc, completed the acquisition of NEX Group Plc's global hybrid voice broking and information business, including the associated technology and broking platforms and certain joint ventures and associates of the group.

"This deal creates the leading interdealer broker in the world," said TP ICAP CEO John Phizackerley.

As part of the transaction, the 310,314,296 new shares, which were issued by TP ICAP to shareholders of NEX Group on Dec. 28, were admitted to the premium listing segment of the official list of the U.K. Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities.

Following the issue of the new shares, TP ICAP's total issued share capital consists of 554,132,671 ordinary shares.

NEX Group is the new holding company of ICAP Plc.

N M Rothschild & Sons Ltd. acted as sole financial adviser and sole sponsor to TP ICAP, while HSBC Bank plc and Numis Securities Ltd. served as joint corporate brokers.