After a process that apparently started three years ago, Icap has finally pulled off what might turn out to be the deal of the century with the purchase of EBS for a cash consideration of $775 million.
Barring any regulatory hiccups, Icap will finally get its hand on what is still the FX spot market’s predominant broker. Several market sources believe Icap has got a bargain, a fact underlined by an immediate 12% rise in Icap’s share price following the announcement. As Philip Middleton, an analyst at Merrill Lynch, wrote in a brief note after the deal was announced: “We believe that the strategic benefits of the deal are clear, as we have...
