Tradeweb to buy Trumid in $1.97 billion deal to expand credit trading
The purchase price includes $1.888 billion in cash and $82.0 million in equity, with closing targeted for the first half of 2027.
Key takeaways
- Tradeweb Markets Inc. (TW) agreed on Oct. 19, 2026 to acquire Trumid Holdings, LLC, an electronic credit trading platform, for $1.97 billion, including $1.888 billion in cash, a regulatory filing showed. Closing is targeted for the first half of 2027.
Tradeweb Markets Inc. (TW) agreed Monday to buy Trumid Holdings, LLC, a financial technology company and electronic credit trading marketplace, for $1.97 billion, a regulatory filing showed.
The purchase price includes $1.888 billion in cash, subject to customary adjustments, and $82.0 million in equity, the filing said.
The company's press release breaks the total into $1.75 billion for the business and about $220 million for tax assets being acquired.
Trumid focuses on U.S. dollar-denominated investment grade, high yield, distressed and emerging market bonds.
Tradeweb said the combination would put trade inception and the secondary market on one platform, extending its reach into earlier stages of the bond lifecycle.
Tradeweb said it expects the deal to be accretive to adjusted earnings per share within the first full year after closing. It expects accretion to rise each later year as expense synergies are realized.
CEO Billy Hult said of Trumid: "Trumid has built an innovative platform that is well positioned for where the market is headed."
Mike Sobel, Co-CEO and President of Trumid, said: "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."
The cash portion is expected to be funded primarily through cash on hand, the press release said. Both the Tradeweb and Trumid boards unanimously approved the transaction.
The $82.0 million equity portion consists of 733,900 LLC Units issued to Trumid rollover holders. Those units are priced off the volume-weighted average price of Class A common stock over the five trading days before signing.
Closing requires expiration of Hart-Scott-Rodino waiting periods, a review by the UK Competition and Markets Authority and approval from the Financial Industry Regulatory Authority.
Tradeweb is targeting a closing in the first half of 2027, though the filing says no assurance can be given. Either party may terminate the agreement if closing has not occurred by Oct. 19, 2027, a date that can be extended to a maximum of 24 months after signing.
Tradeweb would pay Trumid a $105 million termination fee if the agreement is terminated under certain circumstances. Tradeweb has also obtained representation and warranty insurance, subject to exclusions and policy limits.
Morgan Stanley & Co. LLC is exclusive financial advisor to Tradeweb, and Goldman Sachs & Co. LLC is exclusive financial advisor to Trumid.
Fried, Frank, Harris, Shriver & Jacobson LLP and Simpson Thacher & Bartlett LLP are legal advisors to Tradeweb, and Latham & Watkins LLP advises Trumid.
In a separate item, Tradeweb Markets Inc. amended the LLC agreement of its subsidiary Tradeweb Markets LLC to restate the definition of "Assumed Tax Rate."
Tradeweb will host a conference call on Oct. 20 at 8:30 a.m. Eastern time and will release third-quarter 2026 results on Oct. 29, as previously announced.