Tradeweb Markets, a fixed income trading platform, had signed an agreement to purchase BondDesk Group LLC. The latter is a provider or retail fixed income wealth management and trading technology. The financial terms of the deal were not disclosed.
Tradeweb's managing director and head of retail division John Cahalane would lead the combined business. This was according to a statement issued by the Tradeweb on Thursday. Previously, Reuters reported that the fixed income trading platform company was in exclusive discussions to acquire BonDesk.
Several week ago, private equity firm Advent International Corp tapped Broadhaven Capital Partners LLC to sell BondDesk. Sources told Reuters that Tradeweb and its rival fixed income trading platform MarketAxess Holdings Inc. were among the bidders for BonDesk.
Goldman Sachs was hired to be the financial adviser of the sale. Fried, Frank, Harris, Shriver & Jacobson LLP acted as the legal adviser to Tradeweb, according to a statement issued by the company. Broadhaven acted as BondDesk's financial adviser while Pepper, Hamilton LLP served as its legal counsel.
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