Competition authority escalates investigation into ICAP-Tullett deal

Sale of voice broking business to Tullett Prebon is now subject to level 2 investigation by regulators.

ICAP’s sale of its voice broking business to Tullett Prebon has been referred to a level 2 investigation by the Competition and Markets Authority.

ICAP was quick to reassure investors that the escalated investigation into the deal was purely the result of concerns surrounding the broking of oil products that will need to be remedied, and both parties are confident the deal will still go through.

In May, ICAP announced it would rebrand as NEX following the deal, which will see Tullett Prebon take control of the ICAP name.

ICAP said the deal is still on track to complete later this year.