Icap and Tullett Prebon win CMA clearance for voice deal

Icap has received clearance from the UK competition regulator to sell on its London-based oil broking business, meaning its larger voice broking sale to Tullett Prebon can go ahead.

The Competition and Markets Authority (CMA) on Thursday said it accepted the undertakings proposed by Icap to divest its London-based EMEA oil desks to INTL FCStone, and so would not carry out an in-depth 'Phase 2' investigation.

Completion of the Tullett transaction still remains subject to approval by various regulatory bodies, including the Financial Conduct Authority, and Icap shareholders at a meeting on 9 September.

The two companies expect the deal to close in the calendar year.