Tullett Prebon shareholders approve ICAP deal

Tullett Prebon shareholders have approved the interdealer broker’s acquisition of Icap’s hybrid voice broking and information business.

At an extraordinary general meeting held on Thursday, Tullett shareholders approved both resolutions of the prospectus.

Under the terms of the deal, Tullett will issue a parcel of new shares greater than its current share capital so that once the deal is completed, Icap will own 56% of the merged entity before distributing 36.1% of Tullett to its own shareholders.

Once the deal is concluded, current Tullett shareholders will own 44% of the enlarged company, 36.1% by Icap shareholders and the remainder by a NewCo holding company of the Icap business.

Tullett will also take on gross debt of £330m with the acquisition and the share issue means the deal is expected to be dilutive in first year.

At 1452, shares in Tullett were off 0.5% to 352.54p.