TP ICAP terminates talks to sell data unit - Sky News

TP ICAP TCAP, the world's largest inter-dealer broker, terminated talks to sell its data division Parameta for about 1.5 billion pounds ($1.81 billion), a report from Sky News said on Wednesday.

The company, which had not publicly disclosed the deal, was in discussions with a number of potential buyers, the report said, citing sources.

TP ICAP declined to comment on the report.

Parameta Solutions - its high-margin data division - generated 9% of total group revenues in 2021.

In September last year, the company came under pressure from its shareholders to explore a sale of Parameta, according to another Sky News report.

U.S. hedge fund Phase 2 Partners had also urged the British company to explore a sale in March last year after it lost 28% in value in 2021.

The company, however, saw its shares gain 14% in 2022 on a robust half-year performance in August amid a rise in market volatility.

($1 = 0.8270 pounds)