Tradeweb to Buy Bond Trading Platform Trumid for $1.97B

Tradeweb Markets Inc. has agreed to buy Trumid Holdings, an electronic credit trading marketplace, for about $1.97 billion.

The price includes $1.75 billion for the business and about $220 million for tax assets. Tradeweb will pay about $1.89 billion in cash, mostly from cash on hand, and $82 million in equity.

Trumid will move Tradeweb into earlier stages of the bond lifecycle. That includes new-issue trading and the gray market, where bonds trade after they’re announced but before they’re formally issued. Clients will be able to trade from a bond’s launch through the secondary market on one platform.

“We believe U.S. credit represents a significant long-term growth opportunity, particularly as the market continues to embrace electronic execution,” said Billy Hult, Tradeweb’s CEO.

The combined business will offer Tradeweb’s AllTrade alongside Trumid’s Swarms and Attributed Trading tools, giving clients access to more pools of liquidity. Trumid’s strength with hedge funds and systematic traders complements Tradeweb’s ties to large institutional investors.

Tradeweb expects the deal to add to adjusted earnings per share within the first full year after closing, with the boost growing as cost savings build.

The transaction is targeted to close in the first half of 2027.

Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Tradeweb. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Trumid. Fried, Frank, Harris, Shriver & Jacobson LLP and Simpson Thacher & Bartlett LLP are acting as legal advisors for Tradeweb. Latham & Watkins LLP is acting as legal advisor for Trumid.