ICAP buys EBS currency brokers for $775m

London-based inter-dealer broker Icap has bought currency broker EBS for $775 million in cash.

EBS, based in London, operates a spot foreign exchange dealing system, which handles approximately $130 billion in forex transactions per day. Icap says it will merge EBS with its own electronic broking business, a move it estimates will save $32 million in annual costs by 2009. The takeover is Icap's largest since 2003.

Michael Spencer, the chief executive of Icap, says: "We have been very clear that

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