Tullett Prebon just completed the buyout of Nex's voice broking business

 
Emma Haslett
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Broking giant Tullett Prebon has just managed to sneak in a final deal in 2016: completion of its buyout of the voice-broking arm of Nex.

In a statement this morning Tullett Prebon said it had completed its acquisition of the business under an all-share deal worth £1.28bn.

The deal will give Nex shareholders a 56 per cent stake in the new company.

Last month Tullett Prebon got the nod from the Financial Conduct Authority over the deal, which meant the Icap brand was transferred to Tullett and the new group was renamed Nex Group.

"This deal creates the leading interdealer broker in the world. It is a transformational acquisition for TP ICAP, providing a unique opportunity to accelerate our strategy and deliver for our clients, our employees and our shareholders," said TP Icap chief executive John Phizackerley.

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