Tullett Prebon, the London-based interdealer broker, said it expects to agree terms for its planned merger with smaller US rival GFI within six weeks, as the company reported 41% growth in profits for the first half of the year.
Tullett chief executive Terry Smith said the merger with GFI, revealed last week by Financial News, is the company's "major focus" and could be completed early next year. Tullett has a market capitalisation of about $1.9bn (â¬1.2bn) to GFI's $1.3bn. The two companies are respectively the second and fifth largest interdealer brokers, according to research from consultancy Celent.
