Blackstone’s Tradeweb inhibits post-IPO governance AntonyMCurrie
Electronic bond and derivatives trading platform Tradeweb Markets on March 7 published its filing for a U.S. initial public offering. The company is currently majority-owned by Refinitiv, with a 54 percent interest. Thomson Reuters, the parent company of Breakingviews, owns 45 percent of Refinitiv, with private equity firm Blackstone owning the remainder.
A consortium of banks owns 46 percent of Tradeweb. They are Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan, Bank of America Merrill Lynch, Morgan Stanley, RBS, UBS and Wells Fargo. A publicly traded Tradeweb would have three classes of common stock immediately following its IPO. Class A would have one vote per share, while holders of Class B and D shares would have 10 votes per share. Refinitiv would hold all Class B shares, while Refinitiv, bank shareholders and Tradeweb executives would own the Class D shares.
Tradeweb intends to use the proceeds from the IPO to reduce the ownership stake of the banks, retiring whatever portion of Class D stock is redeemed.
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