Thomson has completed the acquisition of TradeWeb and put Jim Toffey in charge of all fixed income assets. Jilted TradeWeb suitor Reuters, meanwhile, is rumoured to be lining up a liaison with Telerate.
Thomson purchased TradeWeb for $385 million in cash plus contingent payments of up to approximately $150 million over the next three years based on growth targets.
Jim Toffey will continue to run TradeWeb and will assume responsibility for all of Thomson Financial's fixed-income assets, reporting directly to Sharon Rowlands, president and COO, Thomson Financial. TradeWeb president Lee Olesky continues in his current role.
In acquiring TradeWeb, Thomson extended its reach into the growing institutional fixed income market, outbidding Reuters in the process. Rumour wires have since been buzzing about a possible deal between Reuters and One Equity Partners, current owner of Telerate.
Reuters spurned the opportunity to acquire the Telerate business when it was sold from Bridge for a knock-down price of about $15 million three years ago. Analysts believe a deal between the firms is now on the cards as Reuters strives to play catch-up with Thomson and Bloomberg for a slice of the global bond business.