Interdealer broker ICAP has sold a 12% stake in Traiana to seven banks including BofA Merrill Lynch, Barclays, Citi, Deutsche Bank, JP Morgan, Nomura, and RBS, in a deal valued at $300m.
Under terms of the transaction, the banks also have an opportunity under certain conditions to purchase an additional 20% equity in Traiana, for $82.5m, in future.
Traiana caters automatic post-trade processing and risk management of financial transactions in listed and over-the-counter trading markets services to banks, broker/dealers, buy side firms and trading platforms.
Based on the agreement, a new board of directors including CEO Andy Coyne, and a representative from each of the investing banks, headed by its founder and executive chairman Gil Mandelzis has also been created.
ICAP, which purchased Traiana in 2007 for $247m, will continue to strengthen the company as a subsidiary.
Headquartered in New York, Traiana also manages offices in Chicago, Hong Kong, London, Tel Aviv and Tokyo.
ICAP helps buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks.