Taylor Wessing advises the management team of Exotix Holdings Limited on the buyout of Exotix from ICAP plc
Taylor Wessing advised the management team of specialist emerging markets broker and arranger, Exotix Holdings Limited, on the buyout of Exotix from ICAP plc.
Under the terms of the deal, ICAP sold 58% of its shares in Exotix to Exotix's employees and IPGL, a private equity firm focussed on financial assets controlled by Michael Spencer, Chief Executive of ICAP. The aggregate consideration paid to ICAP was £11 million, valuing Exotix at £20 million.
Under the new structure, Exotix is owned by IPGL (43%), Exotix employees (37%) and ICAP (retaining 19.9%).
The deal marks an ongoing relationship between Exotix and IPGL which goes back to 1999.
The Taylor Wessing Corporate team was led by Partner Tom Cartwright, Managing Associate Nikol Davies, and Associates Eleanor West and Fleur Benns.
Tom Cartwright commented,
"Financial services is a particular area of focus for our private equity team. Exotix typifies the leading edge financial services businesses currently developing in London."
ICAP was advised by Ashursts (Jan Sanders and Alastair Holland). IPGL was advised by Macfarlanes (Jeremy Courtenay-Stamp and Robert Block).
Notes to editors
For more information please contact Sheena Lee at Taylor Wessing:
Tel: +44 (0)20 7300 4930
Email: s.lee@taylorwessing.com
Taylor Wessing is a leading law firm providing legal support for commercial organisations doing business in Europe. Based in Belgium, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client.
