TP ICAP PLC Proposed acquisition of Louis Capital (9044X)
24 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMTCAP
RNS Number : 9044X
TP ICAP PLC
23 December 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
TP ICAP PLC
23 December 2019
TP ICAP plc announces the proposed acquisition of Louis Capital
Markets and MidCap Partners
TP ICAP plc ("TP ICAP") today announces the proposed 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, Hong Kong and Tel Aviv. The group has 77 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.
Completion of the transaction ("Completion") is expected to take
place in the first quarter of 2020 and is subject to customary
completion deliverables and certain other customary commercial
conditions as well as regulatory approval by the Financial Conduct
Authority ("FCA") in the UK, the Financial Industry Regulatory
Authority ("FINRA") in the U.S. and other relevant regulators.
.
Transaction details:
The initial consideration for the acquisition is $21 million in
cash payable at Completion (such amount being subject to adjustment
based on the level of regulatory capital, working capital and net
cash in Louis Capital at completion) with deferred non-contingent
consideration of $6 million that will be paid 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.
For the year ended 31 December 2018, Louis Capital made profit
before tax of $4.3m. At 31 December 2018, it had gross assets of
$35.4m.
Nicolas Breteau, CEO of TP ICAP, said, "Louis Capital's strong
brand and breadth of equity, equity derivatives and fixed income
products complement our existing offering and strengthen TP ICAP's
position in Continental Europe "
Michael Benhamou and Patrice Cohen, co-CEOs of Louis Capital
said "We strongly believe that the Louis Capital business will be
an excellent cultural fit to TP ICAP. We are committed to
developing it further within the group"
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 31
countries, supporting award-winning brokers with market-leading
technology.
www.tpicap.com
Market Abuse Regulation (EU No. 596/20140)
Upon the publication of this announcement via a Regulatory
Information Service, the inside information contained in it will be
considered to be in the public domain. Richard Cordeschi is the
person responsible for the release of this announcement.
Forward looking statements
This document contains forward-looking statements with respect
to the financial condition, results and business of the Group. By
their nature, forward-looking statements involve risk and
uncertainty and there may be subsequent variations to estimates.
The Group's actual future results may differ materially from the
results expressed or implied in these forward-looking
statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
ACQPGGWUPUPBPGW
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December 24, 2019 02:00 ET (07:00 GMT)
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