Icap concludes deal with EBS

The deal, announced last Friday, April 21, sees Icap pay $775 million in cash for EBS Group. However, the deal includes a share alternative option for EBS shareholders to switch up to one third of their cash consideration for new Icap shares. This could see the price go up to $825 million if the maximum option is taken up (see box, below).

Icap plans to combine EBS's electronic spot FX business with its existing e-broking division, encompassing fixed- income trading platform BrokerTec. EBS c