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Icap sells stake in post-trade firm to seven-bank consortium
ICAP, the world’s largest interdealer broker, yesterday said it had sold a 12 per cent stake in post-trade processing firm Traiana to a consortium of seven banks, valuing the business at $300m (£186.5m).
Under the terms of the deal, the investors – Bank of America Merrill Lynch, Barclays, Citi, Deutsche Bank, JP Morgan, Nomura and RBS – will also have the chance to snap up an additional 20 per cent stake in Traiana for up to $82.5m in future.
The sale underscores Icap’s drive to cut costs and turn the business around after a difficult trading period, which Icap boss Michael Spencer dubbed “one of the toughest periods” in his 36 year City career.