Tullett Prebon / ICAP merger inquiry

The CMA investigated the anticipated acquisition by Tullett Prebon plc (Tullett) of ICAP plc’s (ICAP) voice and hybrid broking and information businesses.

Statutory timetable

Phase 1 date Action
8 September 2016 Undertakings accepted
7 July 2016 Decision published
30 June 2016 Initial enforcement order
7 June 2016 Decision announced
11 April to 22 April 2016 Invitation to comment
8 April 2016 Launch of merger inquiry

Phase 1

Undertakings in lieu of reference accepted

8 September 2016: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by Tullett of ICAP’s voice and hybrid broking and information business. A copy of the undertakings and the decision are available below.

Undertaking in lieu of reference consultation: Now closed

2 August 2016: We are consulting on proposed undertakings in lieu (UIL) of a reference for the anticipated acquisition by Tullett of ICAP’s voice and hybrid broking and information businesses.

Initial enforcement order

14 July 2016: On 30 June 2016 the CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Tullett Prebon plc and ICAP plc in relation to the anticipated acquisition by Tullett Prebon plc of ICAP plc’s voice and hybrid broking and information businesses.

Amendments/consents granted

CMA to consider undertakings offered

21 June 2016: The CMA considers that there are reasonable grounds for believing that the undertakings offered by the parties, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002. A copy of the notice is available below.

Reference unless undertakings accepted

7 June 2016: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns. The full text of the decision is available below.

Invitation to comment: Now closed

11 April 2016: The CMA is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

Launch of merger inquiry

8 April 2016: The CMA announced the launch of its merger inquiry by notice to the parties.

Details of the proposed transaction

As part of the anticipated transaction, ICAP Newco will hold a 19.9% stake in Tullett. The CMA is also investigating the potential acquisition by ICAP Newco of this stake in Tullett. Further details of the proposed transaction are set out in ICAP’s RNS announcement.

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