TP ICAP prepares for fixed income push with Liquidnet buy

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By Aidan Gregory, Ross Lancaster
09 Oct 2020

Interdealer broking giant TP ICAP has advanced further into buy-side revenue streams, with specific plans to target fixed income markets, as it clinched its acquisition of trading platform provider Liquidnet for an initial $575m last Friday.

TP ICAP will fund the acquisition through a $425m rights issue, a $100m draw down from the brokerage’s existing debt facilities and $50m of unsecured loan notes that will be issued to some Liquidnet shareholders. The final $50m payment will fall on the third anniversary of the deal’s ...

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