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.
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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.