Tullett to sell data network

Tullett plc, one of the world’s leading inter dealer brokers, is to sell its specialist voice and data network services subsidiary Gains International to GS Capital Partners 2000, a Goldman Sachs private equity fund, for up to £15.4m (€23m).

Pending consent of regulatory bodies, GS Capital Partners will acquire Gains International Asia Holdings Limited, Gains International (US) Inc. and Gains International (Europe) Limited from Gains International Infocom Holdings BV, of which Tullett is the majority shareholder.

The remaining 28.6% of the company is owned by Tokyo based Totan IT. On completion of the sale Gains will continue to supply voice and data services to Tullett.

Commenting on the deal Tullett’s chief information officer and chairman of Gains International Geoff Chapman said: "This transaction is excellent news for Gains’ customers, suppliers and staff as well as for the Tullett group.

"An important supplier of services is in capable hands at GS Capital Partners. They are well placed to leverage Gains’ existing strengths of superior service reputation and global reach to build on Gains’ successful development to date. For Tullett this transaction releases resources to focus on our core broking businesses."