Tradeweb to Acquire Trading Platform Trumid for US$1.97bn

Tradeweb Markets Inc. has agreed to acquire Trumid Holdings, LLC – a financial technology company and electronic credit trading marketplace – for US$1.97bn.

The deal is subject to customary adjustments and comprises US$1.75bn for the business and approximately US$220m for tax assets being acquired.

Both Tradeweb and Trumid share a commitment to technology and innovation. Both platforms have complementary trading protocols developed through close collaboration with the dealer community. 

The combined suite of credit trading products from the two companies will further differentiate Tradeweb’s multi-asset class platform, in part by expanding into earlier stages of the bond lifecycle.

Combining business capabilities

Discussing the acquisition, Billy Hult, CEO of Tradeweb, says: “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 US 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.” 

He adds that Trumid has built an “innovative platform that is well positioned for where the market is headed” and that by bringing each firm’s capabilities together under Tradeweb, the combined company can accelerate innovation, broaden the solutions offered to clients and create a more differentiated trading experience.

Under the terms of the agreement, the total consideration for the transaction will consist of approximately US$1.89bn in cash, subject to customary adjustments, and US$82m in equity.

The cash portion of the agreement is expected to be funded primarily through cash on hand.

The transaction has been approved by all members of the Boards of Directors of Tradeweb and Trumid, and is subject to customary closing conditions, including the receipt of regulatory approvals. Both companies are aiming to close the deal in the first half of 2027.

Acquisition strategy and financial benefits

Tradeweb says the acquisition is expected to further differentiate its platform and deliver compelling strategic and financial benefits, including:

• Creating a differentiated multiprotocol credit offering – Merging Tradeweb’s and Trumid’s workflows will expand client liquidity access, enhanced by automation and AI-enabled trade decision-making
• Positioning Tradeweb earlier in the credit lifecycle – The acquisition expands Tradeweb into grey markets and new issue trading, positioning the company to capitalise on increased bond issuance and continued electronification
• Strengthening dealer relationships and product delivery – Shared dealer commitment and deep bank relationships allow both platforms to accelerate market innovation
• Expanding Tradeweb’s penetration across market participants – Tradeweb's established partnerships across asset classes complement Trumid's connections with hedge funds and systematic market participants
• Scaling credit innovation globally – Combining Tradeweb’s global reach with Trumid’s dynamic approach to US product development will scale credit innovation in both developed and emerging markets
• Delivering attractive financial benefits – The transaction is expected to be accretive to Tradeweb's adjusted earnings per share, with accretion expected to increase in each subsequent year as expense synergies are realised

Discussing the acquisition, Mike Sobel, Co-CEO and President of Trumid, says: “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. 

“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.”

Tradeweb’s key partners:

London Stock Exchange Group (LSEG): Tradeweb partners with LSEG, its majority shareholder, to power global electronic fixed-income trading, data distribution, and infrastructure integration.
CEO: David Schwimmer | Headquarters: London, UK

Kalshi: Tradeweb partnered with regulated exchange Kalshi to integrate prediction market data and expand institutional access to event-based financial products.
CEO: Tarek Mansour | Headquarters: New York City, New York, US

BlackRock: Tradeweb collaborates with BlackRock to integrate electronic trading workflows directly into BlackRock's flagship Aladdin investment management and technology platform.
CEO: Larry Fink | Headquarters: New York City, New York, US