ICAP plc (IAP.L,IAPLY.PK,IAPLF.PK) announced it has sold a 12% stake in Traiana Inc. to seven of Traiana’s leading customers, giving the business a valuation of $300 million. The banks that invested in Traiana are: BofA Merrill Lynch, Barclays, Citi, Deutsche Bank, JP Morgan, Nomura, and the Royal Bank of Scotland. ICAP will continue to consolidate Traiana as a subsidiary.
The Investors also have an opportunity under certain conditions to acquire in the future an additional 20% equity in Traiana for a price of up to $82.5 million.
As part of the agreement, Traiana created a new Board, led by Traiana founder and Executive Chairman, Gil Mandelzis. The board includes Traiana’s CEO, Andy Coyne, and a representative from each of the investing banks.
Traiana Inc. provides global banks, broker/dealers, buyside firms and trading platforms with services to automate post trade processing of financial transactions in listed and over-the-counter trading markets. ICAP acquired Traiana in 2007 for $247 million.
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by RTT Staff Writer
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