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(Alliance News) - TP ICAP Group PLC has registered its Parameta Solutions arm as a separate company, in a move which could pave the way for a sale or a float of the data unit, the Financial Times reported Saturday.
The FT, citing people with knowledge of the matter, reported that Parameta was registered last month as a standalone company.
The FT noted TP ICAP has faced investor pressure to sell the unit, in a bid to lift the interdealer broker's share price.
TP ICAP shares closed down 1.5% at 188.20 pence each in London on Friday. The stock is up 1.6% over the past 12 months, but has shrunk around 50% since the onset of the pandemic. It has a market capitalisation of GBP1.45 billion.
Citing one investor, the FT reported that Parameta could generate GBP1.5 billion in an initial public offering. A listing is the "most likely" outcome for the unit, the newspaper reported.
https://www.ft.com/content/ecbf17f6-a083-4884-bc28-83a84dff0275
By Eric Cunha, Alliance News news editor
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