TP ICAP, the world’s largest inter-dealer broker, terminated talks to sell its data division Parameta for about 1.5 billion pounds ($1.81 billion), a report from Sky News said on Wednesday.
The company, which had not publicly disclosed the deal, was in discussions with a number of potential buyers, the report said, citing sources.
TP ICAP declined to comment on the report.
Parameta Solutions – its high-margin data division – generated 9% of total group revenues in 2021.
In September last year, the company came under pressure from its shareholders to explore a sale of Parameta, according to another Sky News report.
U.S. hedge fund Phase 2 Partners had also urged the British company to explore a sale in March last year after it lost 28% in value in 2021.
The company, however, saw its shares gain 14% in 2022 on a robust half-year performance in August amid a rise in market volatility.
Source: Reuters.com