Tradeweb Markets Inc., a global leader in electronic trading facilitating more than $3.0 trillion in value per day across asset classes, has announced that it has entered into a definitive agreement to acquire Trumid Holdings, LLC, a financial technology company and electronic credit trading marketplace, for a purchase price of approximately $1.97 billion, which is comprised of $1.75 billion for the business and approximately $220 million for tax assets being acquired.
Tradeweb and Trumid share a strong and established commitment to technology and innovation; the platforms have highly complementary trading protocols developed through close collaboration with the dealer community. The combined suite of credit trading products will further differentiate Tradeweb's multi-asset class platform, in part by expanding into earlier stages of the bond lifecycle, going from trade inception to the secondary market on one platform, creating a new differentiated capability for the industry.
Billy Hult, CEO of Tradeweb, said: "This acquisition represents an important step forward in our ambition to make credit markets more efficient and provide clients with smarter ways to access liquidity. We believe U.S. credit represents a significant long-term growth opportunity, particularly as the market continues to embrace electronic execution and as clients seek increasingly sophisticated solutions to navigate liquidity and achieve better outcomes. Trumid has built an innovative platform that is well positioned for where the market is headed. By bringing our capabilities together under Tradeweb, we can accelerate innovation, broaden the solutions we offer clients, and create an even more differentiated trading experience. We are excited about this combination and the value we can deliver together to clients over the long term."
Mike Sobel, Co-CEO and President of Trumid, said: "We look forward to incorporating our innovative protocols, agile technology, and collaborative client-centric approach to product development into Tradeweb's global footprint and client network. Our teams share dual passions for technology and client experience. Together, we'll build on what we've created, accelerate innovation, and deliver an even stronger and more intelligent trading experience for our combined networks of buy and sell-side clients globally. I'm personally excited to continue the momentum as part of the Tradeweb team."
The acquisition is expected to further differentiate Tradeweb's platform and deliver compelling strategic benefits, including creating a differentiated multi-protocol credit offering combining shared protocols with unique workflows, positioning Tradeweb earlier in the credit lifecycle into grey markets and new issue trading to capitalize on increased bond issuance.
The combination strengthens dealer relationships with deep connections to leading global banks, expands penetration across market participants by complementing Tradeweb's institutional base with Trumid's hedge fund and systematic footprint, and scales credit innovation globally.
The transaction is expected to be accretive to Tradeweb's adjusted earnings per share within the first full year following closing, with accretion expected to increase as expense synergies are realized. Under terms, total consideration will consist of approximately $1.89 billion cash and $82 million in equity, funded primarily through cash on hand. Transaction has been unanimously approved by Boards and targets closing in first half of 2027.
About Tradeweb Markets
Tradeweb Markets Inc. is a leading global operator of electronic marketplaces for rates, credit, equities, and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing, and reporting for more than 50 products to clients in the institutional, wholesale, retail, and corporates markets.
About Trumid
Trumid is a financial technology company and leading fixed income electronic trading platform focused on U.S. dollar-denominated Investment Grade, High Yield, Distressed, and Emerging Market bonds. Trumid optimizes the credit trading experience by combining agile technology and market expertise, with a focus on product design.
