Michael Spencer sells shares in TP Icap for over £200 millionComments Off on Michael Spencer sells shares in TP Icap for over £200 million
Michael Spencer has offloaded most of his stake, worth more than £200 million, in TP Icap after selling the voice-broking business to rival Tullett Prebon in a £1.3 billion deal.
The former Tory party Treasurer cut his stake in TP Icap from nearly 9% to less than 1% yesterday, cashing in shares held in several different vehicles worth over £200 million, according to stock exchange filings.
Spencer’s Icap, now known as NEX Group, was given the 9% stake in TP Icap after it sold the business to Tullett.
His sale follows a surge from TP Icap shares on Friday when it revealed a double-digit leap in revenues over the past year.
The company has benefited from the market turbulence caused by the Brexit vote and Donald Trump’s victory as US President-elect.
The City veteran, who started out as a voice-broker himself, insisted last month that voice-broking was “by no means dead” despite the decision to sell the business.
A TP Icap spokesman said: “We understand that Michael Spencer has taken advantage of a period of high liquidity in the market to dispose of his stake.
“We recognise his desire to reduce his weighting in a company he is not managing.”