Icap and Tullett said in separate December 6 statements that they expect the transaction to become final on December 30.
The operations being sold by Icap include voice broking business, a 40% stake in the iSwap interest rate swap electronic trading platform, and information services associated with those two business areas.
The transaction, which was agreed in November 2015, gives Icap founder and CEO Michael Spencer the chance to cement a new legacy in a company focused on electronic trading platforms, post-trade and financial technology.
Tullett’s acquisition of Icap’s voice-broking activities creates an interdealer broker with greater scale, better equipping the firm to compete in a challenging environment.
Interdealer brokers have suffered since the financial crisis, due to historically low interest rates, minimal volatility and the need for investment banks to reduce the size of their balance sheets.
Icap will be renamed NEX Group, while Tullett will be known as TP-Icap.