Tradeweb agrees to acquire credit trading marketplace Trumid for about $1.97B, adding dealer and buy-side protocols across the bond lifecycle

Tradeweb Markets has signed a definitive agreement to acquire Trumid Holdings, the electronic credit trading marketplace, for a purchase price of about $1.97 billion: $1.75 billion for the business plus roughly $220 million for tax assets, subject to customary adjustments.

Tradeweb, listed on Nasdaq, facilitates more than $3 trillion in value a day across asset classes. Trumid runs an electronic marketplace for corporate bonds with protocols developed alongside the dealer community that complement Tradeweb's own; the deal combines protocols, client relationships and data, and connects new-issue origination with secondary trading.

Tradeweb expects the acquisition to be accretive to adjusted earnings per share within the first full year after closing and held an investor call on 20 October.

The read: a $1.97 billion exit for a venture-backed credit trading fintech, and another sign that electronic bond markets are consolidating around a few platforms.