Shareholders approve Tullett Prebon-ICAP deal

The long-awaited transaction is set to be completed later this year.

Shareholders have approved Tullett Prebon’s acquisition of ICAP’s voice broking business, following a vote last Thursday.

Both companies confirmed the news with over 94% of Tullett Prebon shareholders and almost 96% of ICAP shareholders approving the move.

The multi-platform hybrid voice broking business will operate across all major asset classes with up to 3,245 brokers.

When announcing news of the vote earlier this month, an analyst at Tullett Prebon claimed the acquisition would combine the strengths of two leading global hybrid broking franchises, “to create the largest player in the industry.”

The deal is still subject to regulatory approval, but both firms confirmed the transaction will be completed this year.

The announcement did not contain any update on the US Department of Justice’s request for details on the merger.