Further to the announcement by Tullett Prebon plc ("Tullett Prebon"), ICAP plc ("ICAP") confirms that it is in discussions regarding the possible sale to Tullett Prebon of ICAP's Global Broking business, including ICAP's associated technology and broking platforms (including iSwap and Fusion), ICAP's associated information services businesses and certain of ICAP's joint ventures and associates ("ICAP Global Broking Business" or "IGBB") (the "Transaction").
If the Transaction were to be completed, it is envisaged that it would be structured as a sale by ICAP of IGBB to Tullett Prebon, with new shares in Tullett Prebon issued as consideration. It is envisaged that Tullett Prebon would issue more than 100% of its existing share capital as consideration and the Transaction would be structured such that the majority of such new Tullett Prebon shares would be distributed to ICAP's shareholders, with ICAP retaining a minority stake in the enlarged Tullett Prebon group.
There can be no certainty that these discussions will lead to any transaction or as to the terms upon which any such transaction might proceed.
