Business Wire·Oct 19, 2026, 4:40 PM ET

Tradeweb to Acquire Trumid, Expanding Tradeweb’s Credit Capabilities Across the Entire Bond Lifecycle and Further Differentiating its Multi-Asset Class Platform

Tradeweb Markets Inc. agreed to acquire Trumid Holdings LLC for approximately $1.97 billion, including $1.75 billion for the business & $220 million for tax assets.
The transaction consideration consists of roughly $1.89 billion in cash & $82 million in equity, with the cash portion funded primarily from existing cash on hand.
The acquisition is expected to be accretive to Tradeweb's adjusted earnings per share within the first full year following closing.
Closing is targeted for the first half of 2027, subject to customary regulatory approvals & other closing conditions.
The deal combines Tradeweb's dealer & buy-side protocols with Trumid's electronic credit trading marketplace to accelerate innovation & deepen liquidity access.
The combined platform will connect new issue origination with secondary trading, expanding Tradeweb's presence into grey markets & earlier stages of the bond lifecycle.
Strategic benefits include a differentiated multi-protocol credit offering, enhanced automation & AI-enabled trade decisioning tools, & broader penetration across institutional investors & hedge funds.
Tradeweb will host a conference call on October 20, 2026, at 8:30 AM EDT to discuss the acquisition details & strategic rationale.
Morgan Stanley & Co. LLC serves as exclusive financial advisor to Tradeweb, while Goldman Sachs & Co. LLC serves as exclusive financial advisor to Trumid.