just now
Tradeweb Markets Inc. (Nasdaq: TW) has entered into a definitive agreement to acquire Trumid Holdings, LLC, an electronic credit trading marketplace, for approximately $1.97 billion, subject to customary adjustments.
The price is made up of $1.75 billion for the business and approximately $220 million for tax assets being acquired. The total consideration will consist of approximately $1.89 billion in cash, subject to customary adjustments, and $82 million in equity. The cash portion is expected to be funded primarily through cash on hand.
Tradeweb is a global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, it serves more than 3,000 clients in more than 85 countries and facilitates more than $3.0 trillion in notional value traded per day, on average, over the past four fiscal quarters. Trumid is a financial technology company and fixed income electronic trading platform focused on US dollar-denominated Investment Grade, High Yield, Distressed and Emerging Market bonds.
The two firms say their platforms have highly complementary trading protocols, developed through close collaboration with the dealer community. The combined credit products are expected to expand Tradeweb into earlier stages of the bond lifecycle, from trade inception to the secondary market on one platform.
Billy Hult, Chief Executive Officer, Tradeweb
Billy Hult, Chief Executive Officer, Tradeweb, said:
“This acquisition represents an important step forward in our ambition to make credit markets more efficient and provide clients with smarter ways to access liquidity. We believe U.S. credit represents a significant long-term growth opportunity, particularly as the market continues to embrace electronic execution and as clients seek increasingly sophisticated solutions to navigate liquidity and achieve better outcomes. Trumid has built an innovative platform that is well positioned for where the market is headed. By bringing our capabilities together under Tradeweb, we can accelerate innovation, broaden the solutions we offer clients, and create an even more differentiated trading experience. We are excited about this combination and the value we can deliver together to clients over the long term.”
On the product side, Tradeweb says it will combine the shared protocols of both platforms with the unique workflows of each, including Tradeweb AllTrade and Trumid’s Swarms and Attributed Trading. The protocol ecosystem is to be enhanced with automation, AI-enabled trade decisioning tools and data and analytics offerings. The acquisition will also extend Tradeweb into grey markets and new issue trading.
On clients, Tradeweb’s established partnerships with the largest institutional investors across asset classes are expected to complement Trumid’s footprint with hedge funds and systematic market participants. Both firms maintain relationships with leading global banks, and Tradeweb plans to pair its global reach with Trumid’s approach to US product development to scale credit innovation in developed and emerging markets.
Mike Sobel, Co-Chief Executive Officer and President, Trumid
Mike Sobel, Co-Chief Executive Officer and President, Trumid, said:
“We look forward to incorporating our innovative protocols, agile technology, and collaborative client-centric approach to product development into Tradeweb’s global footprint and client network. Our teams share dual passions for technology and client experience. Together, we’ll build on what we’ve created, accelerate innovation, and deliver an even stronger and more intelligent trading experience for our combined networks of buy and sell-side clients globally. I’m personally excited to continue the momentum as part of the Tradeweb team.”
Tradeweb expects the transaction to be accretive to its adjusted earnings per share within the first full year after closing, with accretion increasing in each subsequent year as expense synergies are realised.
The boards of directors of both companies have unanimously approved the deal, which is subject to customary closing conditions, including regulatory approvals. It is targeted to close in the first half of 2027.
Tradeweb will discuss the transaction on an investor conference call on October 20, 2026, at 8:30 AM EDT, with a live webcast and accompanying presentation available through the Investor Relations section of its website. The company will release third quarter 2026 financial results on October 29, 2026, at approximately 7:00 AM EDT, followed by a conference call at 9:30 AM EDT.
Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Tradeweb, and Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Trumid. Fried, Frank, Harris, Shriver & Jacobson LLP and Simpson Thacher & Bartlett LLP are legal advisors for Tradeweb, while Latham & Watkins LLP is legal advisor for Trumid.
Found this interesting? Become a member of LiquidityFinder and get daily industry news direct to your inbox — join here.
