Tradeweb Agrees to Acquire Trumid for About $1.97 Billion

Tradeweb agreed Oct. 19 to acquire electronic bond marketplace Trumid Holdings, LLC for about $1.97 billion, a move that would add new-issue and gray-market trading to its U.S. credit platform. The proposed payment consists of $1.888 billion in cash, subject to adjustments, and $82 million in equity. The price includes $1.75 billion for Trumid’s business and about $220 million for acquired tax assets. The tax-asset amount is an estimated present value calculated using a 7% discount rate. Trumid specializes in electronic trading of U.S. dollar-denominated investment-grade, high-yield, distressed and emerging-market bonds. Adding its new-issue and gray-market business would give Tradeweb a role at earlier stages of bond trading alongside its existing credit offerings. Tradeweb has separately worked on tokenized securities.

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