Tradeweb to acquire electronic credit trading platform Trumid for $1.97bn

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Nasdaq-listed electronic marketplace operator Tradeweb Markets has agreed to acquire Trumid Holdings, which specialises in US corporate bond and fixed income trading, for approximately $1.97 billion.

Tradeweb will pay $1.75 billion for Trumid, with an additional payment of around $220 million for associated tax assets. The combined total will be completed via $1.89 billion in cash and $82 million in equity.

The boards of both Tradeweb and Trumid have agreed to the deal, with Tradeweb stating that it expects to complete the acquisition in H1 2027.

Tradeweb has operated an electronic marketplace for secondary trading of corporate bonds since 2006. Its multi-asset focus currently includes rates, credit, equities, and money markets.

The acquisition of Trumid will enable the firm to expand this focus further into grey markets and new issue trading.

Trumid operates the electronic trading protocols Attributed Trading and Swarms. Attributed Trading lets dealers stream prices to clients directly for negotiations, while Swarms works to aggregate buyers and sellers anonymously into brief trading windows when overlapping interest is detected in less liquid bonds.

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Tradeweb will make the purchase from an investor base featuring Point Break Capital Management, Motive Partners, Dragoneer Investment Group, and venture capitalists Peter Thiel and George Soros. German stock exchange operator Deutsche Börse Group invested $10 million into Trumid in 2017.

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