Business
Acquisition of Convencao
Acquisition of Convencao.
About this update from Tp Icap Group Plc
[{"type":"text","content":"\n \n13 October 2009\n\n Tullett Prebon plc \n\n Acquisition of Convencao \n\nTullett Prebon plc announces that the Company has today reached agreement to\nacquire Convencao S/A Corretora de Valores e Cambio (\"Convencao\"), one of the\nleading and most well respected interdealer brokers in Brazil. The acquisition\nis conditional on approval from the Brazilian authorities, including the\nCentral Bank of Brazil, and is expected to complete in the second quarter of\n2010.\n\nConvencao was founded in 1973 by Eduardo da Rocha Azevedo, a past President of\nthe Bovespa (the Brazilian stock exchange), and also a past President and one\nof the founding Members of the BM&F. The senior management of Convencao will\nremain with the Company after the acquisition is completed.\n\nFor the year to December 2008 Convencao reported revenues of R$21.9 million \n(£8.0 million).\n\nThe initial consideration for the acquisition is R$20.0 million (£7.3 million)\npayable in cash, with deferred consideration up to a maximum of R$30.3 million\n(£11.0 million) payable in cash subject to achievement of future revenue and\nprofit targets.\n\nThe acquisition of Convencao marks Tullett Prebon's entry to the on-shore Latin\nAmerican market. The Company intends to establish a presence in key countries\nthroughout the Latin American region commensurate with its position as one of\nthe world's leading interdealer brokers.\n\nConvencao is being sold by Eduardo da Rocha Azevedo, Eduardo Nogueira da Rocha\nAzevedo, and Marcelo Taiar Arbex.\n\nENDS\n\nFor further information please contact:\n\n\nInvestors and Analysts \n\nNigel Szembel, Head of Communications\nTullett Prebon\n44 (0)7802 362088\[email protected]\n\n\nPress\n\nCorporate/UK\n\nCharlotte Kirkham\nM:Communications\n44 (0)207 920 2331\[email protected]\n\nUSA\n\nBill Blase\nW.T Blase & Associates\n1 212 221 1079\[email protected]\n\n\n \n ","length":2048,"tagName":"div"}]