ICAP Acquisition of TriOptima

TriOptima, a Swedish international financial technology company, solving some of the most challenging post-trade processing problems in the OTC derivatives market, that has Allen & Overy listed as a minority stakeholder, has been sold for over €100m.

The company is being sold to ICAP Group Holdings, which is to purchase the remaining 61.78% of the share capital of TriOptima that it does not hold. The initial payment will be €109m in cash with a further €12m of working capital.

ICAP is the world’s premier voice and electronic interdealer broker and provider of post-trade services. The Group is active in the wholesale markets in interest rates, credit, commodities, FX, emerging markets, equities and equity derivatives. ICAP has an average daily transaction volume in excess of $2.3 trillion, more than 40% of which is electronic.

Details are still unclear but Allen & Overy (one of a small group of truly international and integrated law firms with approximately 5,000 staff, including over 450 partners) is listed as a minority shareholder in TriOptima after it bought a stake in 2003. It is not yet confirmed how much Allen & Overy holds in TriOptima but Mergermarket has listed the UK firm as the main vendor in the deal. If this is the case, the magic circle player would be in line for a major windfall.