Inter-dealer broker Tullett Prebon is set to acquire Elevation, a privately-owned equities and equity derivatives inter-dealer broker based in New York.
The purchase will set Tullett back $13m, to be settled in cash once the transfer is complete, which is due to take before the end of the first half of 2012.
As well as broker services, Elevation provides exclusive macro based research and agency execution for its clients across multiple platforms.
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The share price of Tullett fell 0.9% to 340.80p by 13:47.
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