TP ICAP plc announces the acquisition of Axiom

TP ICAP plc, the world's largest wholesale market intermediary, with a portfolio of businesses that provide broking services, data & analytics and market intelligence, acquired Axiom, an energy and commodities brokerage firm in the US. The initial consideration for the acquisition is $15.1m in cash. In addition, deferred non-contingent consideration of $3.1m will be paid over three years and a further $10.9m of deferred contingent consideration may be payable dependent upon the performance of the business over the same timeframe. These subsequent payments will be satisfied through cash payments. Axiom will become part of TP ICAP's Energy & Commodities division which provides high value services, including pre-trade information, market intelligence and brokerage services to clients. The acquisition continues the expansion of the Energy & Commodities division's product range and execution expertise, and reinforces its presence in Houston, Texas.