CMA Approves Tullett Prebon’s Bid for ICAP Voice Broking UnitPatrick Gower
U.K. regulator gives green light for $1.5 billion broking deal
Decision comes after INTL FCStone’s offer for oil desks
Tullett Prebon Plc will complete its $1.5 billion acquisition of ICAP Plc’s voice broking business after successfully allayed antitrust concerns raised by the U.K.’s competition watchdog.
The companies can proceed with the merger after agreeing to sell ICAP’s U.K. oil brokerage operations to INTL FCStone Ltd., the Competition and Markets Authority said Thursday in an e-mailed statement.
"The CMA received no submissions during the consultation period and remains satisfied that the proposed remedy will address the concerns identified," the regulator said in the statement.
The agreement enables ICAP, soon to be named NEX Group Plc, to shed its legacy operations to focus on its electronic markets and trading-services businesses.