ICAP sells 12 per cent stake in Traiana

Interdealer broker ICAP has sold a 12 per cent stake in Traiana giving the business a valuation of 300m dollars.

Collectively, the investors also have an opportunity under certain conditions to acquire an additional 20% equity in Traiana for a price of up to $82.5m in the future.

Traiana provides global banks, dealers, buy side firms and trading platforms with services to automate post-trade processing and risk management of financial transactions in listed and over-the-counter trading markets.

The banks that invested in Traiana are BofA Merrill Lynch, Barclays, Citi, Deutsche Bank, JP Morgan, Nomura, and the Royal Bank of Scotland.

As part of the agreement, Traiana has created a new board of directors, led by Traiana founder and Executive Chairman Gil Mandelzis.

The board includes Traiana's Chief Execitive Officer Andy Coyne, and a representative from each of the investing banks. ICAP will continue to consolidate Traiana as a subsidiary.

Michael Spencer, ICAP Group Chief Executive Officer, said: "ICAP recognised the strategic value of Traiana early, invested in its growth and it has now become a central infrastructure company within the global FX industry.

"We are extremely pleased to have many of ICAP's top customers partner with us in Traiana and look forward to working with them to develop several new Traiana initiatives."

ICAP is a FTSE-250 listed company with a market capitalisation of £2,092.20m.

MF