Tullett Prebon is to acquire Icap’s hybrid voice broking and information businesses for about £1.1 billion in a reverse takeover deal.

The deal is representative of industry pressure for consolidation amid shrinking trading volumes, creating the largest global hybrid voice broking franchise in the industry.

Under the terms of the transaction, which includes Icap’s associated technology and broking platforms, including iSwap and Fusion and certain of Icap’s joint ventures and associates, Tullett shareholders will hold 44% of the enlarged group, while existing Icap shareholders will own 36.1% and Icap the remaining 19.9 percent.