| Background |
| GovPX, Inc. was founded by the leading US bond dealers and inter-dealer brokers, in an effort to meet a congressionally mandated requirement to bring more price transparency to the US Treasury marketplace. By 2004 the company had achieved its mission. Real-time and intra-day derived prices on the full range of securities and derivatives on securities issued by the US government and its agencies had become available from multiple sources. At the same time the US bond market as well as the inter-dealer broker landscape had changed markedly. Several of the firms that had originally founded GovPX were no longer in existence, or no longer independent. Lawrence Leuzzi, GovPX Chairman and Chief Executive Officer, had been involved with the firm since inception. He and the GovPX board of directors recognized that there was one logical buyer of the firm - ICAP plc, the world's largest voice and electronic interdealer broker. ICAP had been involved with the firm since inception, participating in the launch of additional information sets and delivery options. The widely recognized GovPX brand and its network of subscribers was an attractive fit to ICAP’s existing information business. GovPX engaged M&A to provide valuation services in support of negotiations with ICAP. |
| Overiew of Transaction |
- On January 13, 2005, GovPX, Inc. was acquired by ICAP plc. Terms of the transaction were not disclosed.
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| M&A Role |
- M&A provided valuation services in support of GovPX’s negotiations with ICAP.
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Press Release |
