Tradeweb Markets Inc. announced on October 19, 2026, that it has entered into a definitive agreement to acquire Trumid Holdings, LLC. Under the terms of the agreement, Tradeweb will acquire all of the issued and outstanding equity interests of Trumid. The transaction is structured as a merger where Tradeweb’s subsidiary, Tradeweb Markets LLC, will merge with and into Trumid, with Trumid surviving as a wholly-owned subsidiary.
The total purchase price is approximately $1.97 billion, subject to customary adjustments. This consideration consists of $1.888 billion in cash and $82.0 million in equity. The cash portion is intended to fund the acquisition of the Blockers and all outstanding equity interests of Trumid, while the equity consideration involves the issuance of 733,900 common membership units to Rollover Holders, based on the volume-weighted average price of Tradeweb’s Class A Common Stock over the five trading days prior to the agreement date.
The acquisition is expected to close in the first half of 2027, pending customary closing conditions. These conditions include the expiration of the Hart-Scott-Rodino waiting period, approval from the U.S. Financial Industry Regulatory Authority, and the absence of a material adverse effect with respect to Trumid. The agreement includes a termination fee of $105 million if the transaction is not completed by October 19, 2027, subject to extensions.
Tradeweb stated that the acquisition is expected to be accretive to its adjusted earnings per share within the first full year following closing. The company believes the combination will expand its capabilities into grey markets and new issue trading, creating a differentiated multi-protocol credit offering.
