Tradeweb Markets to acquire ICD for $785M

Tradeweb Markets announced it has entered into a definitive agreement to acquire Institutional Cash Distributors, an institutional investment technology provider for corporate treasury organizations trading short-term investments, for $785M, subject to customary adjustments. The purchase price is expected to be funded with cash on hand. Upon closing of the transaction, ICD’s CEO Tory Hazard will report to Tradeweb President Thomas Pluta and will join Tradeweb’s Operating Committee. The acquisition is expected to be accretive to Tradeweb’s adjusted earnings per share in the first 12 months following closing and meet Tradeweb’s return on invested capital objectives. Completion of the transaction is expected in the second half of 2024, subject to customary closing conditions and regulatory review.