Tradeweb stock rises in volatile trade amid $1.97 billion Trumid deal

Tradeweb Markets Inc (NASDAQ:TW) shares rose 3.7% in after-hours trading Monday, swinging wildly higher from an initial 11% downward reaction, after the company announced plans to acquire Trumid Holdings for approximately $1.97 billion.

The purchase price consists of $1.75 billion for the business and approximately $220 million for tax assets being acquired. Tradeweb said the cash portion of the consideration will be funded primarily through cash on hand, with the total consideration comprising approximately $1.89 billion in cash and $82 million in equity.

Trumid is a financial technology company and electronic credit trading marketplace. The acquisition combines complementary dealer and buy-side protocols, client relationships, and data across the platforms. The deal will expand Tradeweb’s capabilities into grey markets and new issue trading, connecting new issue origination with secondary trading.

Tradeweb said the transaction is expected to be accretive to adjusted earnings per share within the first full year following closing, with accretion expected to increase in subsequent years as expense synergies are realized.

"This acquisition represents an important step forward in our ambition to make credit markets more efficient and provide clients with smarter ways to access liquidity," Billy Hult, CEO of Tradeweb, commented.

The transaction has been unanimously approved by the Boards of Directors of both companies and is subject to customary closing conditions, including regulatory approvals. The deal is targeted to close in the first half of 2027.

Tradeweb will host a conference call on October 20, 2026, at 8:30 AM EDT to discuss the acquisition. Morgan Stanley is acting as exclusive financial advisor to Tradeweb, while Goldman Sachs is advising Trumid.