Tradeweb acquires PE-owned BondDesk

Fixed income trading platform Tradeweb Markets has signed an agreement to acquire BondDesk Group LLC, a provider of retail fixed income wealth management and trading technology..

Terms of the deal were not disclosed.

Upon closing, John Cahalane, managing director and head of Tradeweb’s retail division, will lead the combined business, according to a release issued by Tradeweb on Thursday.

Reuters previously reported that Tradeweb was in exclusive talks to buy Bondesk (Full Story).

Private equity firm Advent International Corp tapped Broadhaven Capital Partners LLC to sell BondDesk several weeks ago, and Tradeweb and rival fixed-income trading platform MarketAxess Holdings Inc were among the bidders, sources had told Reuters.

Goldman Sachs acted as the financial adviser and Fried, Frank, Harris, Shriver & Jacobson LLP acted as the legal adviser to Tradeweb, according to the release. Pepper, Hamilton LLP served as outside counsel to BondDesk, while Broadhaven was its financial adviser.

Jessica Toonkel is a reporter for Reuters News in New York