StockMarketWire.com - TP Icap has announced the proposed acquisition of equities and fixed income brokerage Louis Capital.

TP Icap will pay an initial $21m on completion of the deal, with a further $6m that will be paid over two years, and another $17m that may be payable depending on the performance of the business over three to five years.

Completion is expected to take place in Q1 2020 and is subject to regulatory approval by the Financial Conduct Authority in the UK, the Financial Industry Regulatory Authority in the US and other regulators.

Nicolas Breteau, CEO of TP ICAP, said, 'Louis Capital's strong brand and breadth of equity, equity derivatives and fixed income products complement our existing offering and strengthen TP ICAP's position in Continental Europe.'

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