Tradeweb to Buy Trumid For About $1.97 Billion — Update

By Josh Beckerman

Tradeweb Markets agreed to buy fixed-income trading platform Trumid for about $1.97 billion, a deal that will position it earlier in the credit lifecycle and expand capabilities into grey markets.

"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," Tradeweb CEO Billy Hult said.

The transaction price includes $1.75 billion for the business and about $220 million for tax assets being acquired. Total consideration will consist of about $1.89 billion cash, subject to adjustments, and $82 million in equity.

Trumid's investors have included George Soros, Peter Thiel, Point Break Capital Management and Delphi Financial Group.

Trumid has described itself as "one of the leading venues for electronic new issue trading, in part driven by our unique ability to provide trading and pricing transparency in grey markets."

Tradeweb expects the deal to add to adjusted earnings per share within the first full year following closing.

On Oct. 6, Tradeweb said September total trading volume was $81.6 trillion, with average daily volume up 29%.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

October 19, 2026 17:49 ET (21:49 GMT)