Tullett Prebon’s $1.6 Billion acquisition of ICAP Brokers


Allen & Overy, Demarest, TozziniFreire and Clifford Chance have advised on the deal

Tullett Prebon Plc has completed the 1.28-billion-pound ($1.6 billion) purchase of the voice-broker business of its former rival ICAP Plc, creating a dominant firm in the business of matching trades between banks.

The new business, which has been rebranded as TP ICAP Plc, has 3,425 brokers who will continue to run competing desks, trading under the Tullett Prebon and ICAP brands. TP ICAP will use its larger size to cut costs in compliance, technology and other support functions, in theory giving it an advantage over rivals BGC Partners Inc. and Cie. Financiere Tradition SA.

Tullett Prebon plc operates as an interdealer broker worldwide. The company is based in London.

In UK, Allen & Overy LLP has advised Tullett Prebon plc with Richard Hough (Picture) and Matthew Appleton.

Demarest has advised Tullett Prebon plc with Lucas Tavares, Antonio Giglio and Bianca Calvo.

Clifford Chance has advised ICAP with Benjamin Sibbett, Timothy Cornell, Alex Nourry, Brian Concklin and Christopher Duff.

In Brazil, TozziniFreire has advised ICAP with Antonio Felix de Araujo Cintra and Luis Felipe Bricks Bourg.

Involved fees earner: Antonio Felix de Araujo Cintra – Tozzini Freire ; Luis Felipe Bricks Bourg – Tozzini Freire ; Lucas Tavares Bueno – Demarest; Antonio Giglio Neto – Demarest; Bianca Barcena Calvo – Demarest; Richard Hough – Allen & Overy; Matthew Appleton – Allen & Overy; Benjamin Sibbett – Clifford Chance; Brian Concklin – Clifford Chance; Timothy Cornell – Clifford Chance; Alex Nourry – Clifford Chance; Christopher Duff – Clifford Chance;

Law Firms: Tozzini Freire ; Demarest; Allen & Overy; Clifford Chance;

Clients: ICAP plc; Tullett Prebon plc ;