A PYMNTS Company

UK: Tullett-ICAP deal staves off in-depth UK antitrust review

 |  September 8, 2016

Tullett Prebon will complete its $1.5 billion acquisition of ICAP Plc’s voice broking business after successfully allayed antitrust concerns raised by the UK’s competition watchdog.

The companies can proceed with the merger after agreeing to sell ICAP’s U.K. oil brokerage operations to INTL FCStone, the Competition and Markets Authority said Thursday in an e-mailed statement.

“The CMA received no submissions during the consultation period and remains satisfied that the proposed remedy will address the concerns identified,” the regulator said in the statement.

The agreement enables ICAP, soon to be named NEX Group Plc, to shed its legacy operations to focus on its electronic markets and trading-services businesses.

Full Content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.