Liquidnet Holdings Inc., a global electronic trading network, has agreed to be acquired by TP ICAP plc for up to $700 million. The bulk of the consideration, $575 million, will be paid up front, and up to $125 million will be paid in earn-out consideration. The deal was announced October 9 and is expected to close in the first quarter of 2021.
Founded in 1999, Liquidnet connects buy-side clients to liquidity in the equity and fixed income markets through its electronic trading platform. The company provides its more than 1,000 buy-side clients, who collectively manage $33 trillion in equity and fixed income assets, with access to 45 markets worldwide.
TP ICAP, a UK publicly traded interdealer broker incorporated in England and Wales, is one of the world's largest wholesale market intermediaries and operates in 26 countries.
The S&C team advising Liquidnet is led by Mark Menting and Ben Perry (London) and includes associates Prateek Andharia and Patrick Lynch. David Spitzer is advising on tax matters; Mehdi Ansari is advising on intellectual property matters; Heather Coleman is advising on executive compensation matters; and Frederick Wertheim is advising on broker-dealer matters.