Icap bondholders approve sale of voice broking arm
Icap’s bondholders have approved the interdealer broker’s planned sale of its hybrid voice broking and information business to Tullett Prebon.
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The FTSE 250 company said holders of the £125m 5.5% guaranteed notes due July 2018 and holders of the €350m 3.125% notes due March 2019 have consented.
Last week, Tullett shareholders approved the acquisition at an extraordinary general meeting.
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% will be owned 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 1435 GMT, Icap shares were down 0.5% to 460p and Tullett shares were down 0.4% to 351.60p.