TP ICAP PLC Acquisition of Louis Capital (8062U)
31 Luglio 2020 - 2:43PM
UK Regulatory
TIDMTCAP
RNS Number : 8062U
TP ICAP PLC
31 July 2020
TP ICAP PLC
31 July 2020
TP ICAP plc announces the acquisition of Louis Capital Markets
and MidCap Partners
Further to its announcement on 23 December 2019, TP ICAP plc ( "
TP ICAP " ) announces that it has today completed the acquisition
of Louis Capital Markets and MidCap Partners (collectively "Louis
Capital"), a private brokerage group specialising in equities and
fixed income, primarily based in Europe.
Louis Capital operates in London and Paris, with other offices
in New York and Hong Kong. The group has 80 front-office employees
and specialises in cash equities and equity derivatives, fixed
income and small cap advisory services. Michael Benhamou and
Patrice Cohen who founded and led Louis Capital will remain as
senior management.
Louis Capital will become part of TP ICAP's Global Broking
division which provides high value inter-dealer broking services to
top-tier banks in long-term established relationships. The
acquisition builds on the successful acquisition track record of TP
ICAP and will complement and strengthen the Group's offering in
Continental Europe.
Transaction details:
The initial consideration paid for the acquisition was $21
million in cash (which is subject to adjustment based on the level
of regulatory capital, working capital and net cash in Louis
Capital as at today's date) with deferred non-contingent
consideration of $6 million payable over two years. There is a
further $17 million of deferred contingent consideration that may
be payable dependent upon the performance of the business over
three to five years. Finally, there is potential additional
consideration via a profit share dependent upon the performance of
the business. These subsequent payments will be satisfied through
cash payments. TP ICAP expects the acquisition to be earnings
accretive from the first year of acquisition on an underlying basis
and from the second year on a reported basis.
Nicolas Breteau, CEO of TP ICAP, said, "The acquisition of Louis
Capital demonstrates our growing appetite to complement our
existing offering with high quality brands. Louis Capital's breadth
of equity, equity derivatives and fixed income products will
strengthen TP ICAP's position in Continental Europe."
ENDS
Enquiries:
TP ICAP:
Analysts and investors
Al Alevizakos
Alevizos.Alevizakos@tpicap.com
+44 (0) 203 933 3040
Media
William Baldwin-Charles
William.Baldwin-Charles@tpicap.com
+44 (0) 207 200 7124
About TP ICAP
TP ICAP brings together buyers and sellers in global financial,
energy and commodities markets. It is the world's largest wholesale
market intermediary, with a portfolio of businesses that provide
broking services, data & analytics and market intelligence,
trusted by clients around the world. We operate from offices in 26
countries, supporting award-winning brokers with market-leading
technology.
www.tpicap.com
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END
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July 31, 2020 08:43 ET (12:43 GMT)
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