Premarket London: TC ICAP to Buy Louis Capital

This post was originally published on this site
© Reuters. © Reuters. — Here is a summary of the most important regulatory news releases from the London Stock Exchange on Tuesday, 24th December. Please refresh for updates. Please note that this will be the last Premarket London of the year. It will return on Jan. 2.

  • TP ICAP (LON:) (LON:), the city’s biggest independent broking firm, said it has agreed to buy Louis Capital for $21 million up front.
  • Further performance-related payments could take the final sum up to $44 million over the next five years.
  • The firm, which specializes in cash equities, equity derivatives, fixed income and small cap advisory services, made a profit before tax of $4.3 million in 2018. It has 77 front office employees.
  • The deal is expected to close in the first quarter of 2020.
    • Infrastructure group John Laing (LON:) said it will invest A$51.5 million ($36 millon) in a waste-to-energy plant in Rockingham, Western Australia.
    • The project has been co-developed by organisations including New Energy Corporation, Hitachi Zosen Inova (HZI), Acciona, and Tribe Infrastructure Group. The plant is expected to be operational by 2023.
  • Bodycote (LON:), which supplies thermal processing services to the aerospace and automotive industries, said it has agreed to buy Ellison Surface Technologies for $170 million after tax-related benefits.
  • The deal, to be financed through Bodycote’s existing debt facilities, gives the company a foothold in the North American market.
  • Bodycote said Ellison, which is primarily focused on the aerospace market, is expected to have revenue of $58 million this year, up 16% from 2018, while EBITDA is expected to have risen 50% to $12 million.
  • Bodycote said the deal will be immediately earnings-accretive.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment