Tullett Prebon gets FCA approval for ICAP deal

FTSE 250 interdealer broker Tullett Prebon has received approval from the Financial Conduct Authority for its acquisition of ICAP’s hybrid voice broking and information business.

The company said it remains subject to regulatory approvals in a number of other jurisdictions and the transaction is on track to complete in 2016.

The deal has been given antitrust approval in the UK, the US and Australia but still needs to be approved by jurisdictions in Spain, Brazil and Hong Kong.

The Competition and Markets Authority gave the green light to the deal after ICAP agreed to sell its UK oil brokerage operations to INTL FCStone and not to take a 20% stake in the new company.

At 1235 GMT, Tullett shares were down 0.5% to 427.50p while ICAP shares were up 0.4% to 530p.