Tradeweb Markets has entered into a definitive agreement to acquire Trumid Holdings for approximately $1.97 billion, expanding Tradeweb’s electronic credit trading capabilities across more stages of the bond lifecycle.
The purchase price consists of approximately $1.75 billion for Trumid’s business and approximately $220 million for acquired tax assets. Total consideration is expected to include approximately $1.89 billion in cash and $82 million in equity, with the cash portion funded primarily through Tradeweb’s existing cash resources.
Trumid operates an electronic fixed-income trading platform focused on U.S. dollar-denominated investment-grade, high-yield, distressed, and emerging-market bonds. Its technology and trading protocols will complement Tradeweb’s existing credit products and broaden the combined company’s ability to serve buy-side and sell-side market participants.
Tradeweb said the transaction will extend its capabilities earlier in the bond lifecycle, including grey markets and new-issue trading, while connecting those activities with secondary-market execution. The combined platform is also expected to integrate Tradeweb AllTrade with Trumid’s Swarms and Attributed Trading capabilities.
The companies plan to expand automation, AI-enabled trade decisioning, data, and analytics across the combined credit offering. Tradeweb also expects the acquisition to strengthen relationships with global dealers while broadening its reach among hedge funds and systematic market participants, where Trumid has established a significant presence.
Tradeweb facilitates more than $3 trillion in average notional trading value per day across its marketplaces and serves more than 3,000 clients in over 85 countries. The company operates electronic markets across rates, credit, equities, and money markets.
The acquisition is expected to be accretive to Tradeweb’s adjusted earnings per share in the first full year after completion, with management expecting the benefit to increase in subsequent years as it realizes expense synergies.
The boards of Tradeweb and Trumid have unanimously approved the transaction. The parties target closing in the first half of 2027, subject to regulatory approvals and other customary closing conditions.
Support: Morgan Stanley is serving as exclusive financial advisor to Tradeweb, while Goldman Sachs is advising Trumid. Fried Frank and Simpson Thacher & Bartlett are serving as legal advisors to Tradeweb, and Latham & Watkins is advising Trumid.
KEY QUOTES:
“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.”
Billy Hult, CEO Of Tradeweb
“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.”
Mike Sobel, Co-CEO And President Of Trumid
