Breaking Stories

TP ICAP completes rights issue to fund Liquidnet acquisition

TP ICAP PLC (LON:TCAP) said it has closed a rights issue, originally launched in early January, which is aiming to raise around £315mln to fund its acquisition of funding specialist Liquidnet.

The inter-dealer broker said the rights issue closed at 11am on February 16 and it has received acceptances in respect of around 221.5mln new shares, around 98.3% of the total shares to be issued under the rights issue, at 140p each, raising around £310mln in total.

READ: TP Icap loses full EU rights over inability to move staff to France

Under the terms of the fundraising, shareholders will receive two rights for every five shares they own.

Announcing the Liquidnet acquisition in January, TP ICAP chief executive Nicolas Breteau said the purchase will provide “a unique opportunity to transform TP ICAP’s growth prospects by materially accelerating our stated strategy of electronification, aggregation and diversification”.

“We believe our two businesses are highly complementary and the deal, when completed, will help us to drive growth and shareholder value in the medium to long term”, the CEO added.

Shares in TP ICAP were up 0.4% at 204.4p in early deals on Wednesday.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *