---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-089086"
form_type: "8-K"
ticker: "TW"
cik: "0001758730"
company_name: "Tradeweb Markets Inc."
filed_at: "2024-04-08T23:59:59+00:00"
generated_at: "2026-06-04T01:26:46.365122+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Tradeweb to acquire ICD for $785M cash, expanding into corporate treasury

## Summary
- Purchase price $785M in cash, funded from cash on hand; no debt financing.
- ICD serves 500+ corporate treasuries, 17% of S&P 100, with $230B+ avg daily balances in 2023.
- Expected adjusted EPS accretive within 12 months of closing; meets ROIC targets.
- ICD adds corporate client channel alongside institutional, wholesale, retail.
- Closing expected H2 2024, subject to regulatory approvals and customary conditions.

## SEC filing metadata
- accession: 0001193125-24-089086
- form_type: 8-K
- ticker: TW
- cik: 0001758730
- company_name: Tradeweb Markets Inc.
- filed_at: 2024-04-08T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1758730/000119312524089086/0001193125-24-089086-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1758730/000119312524089086/d811217d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-089086
- JSON: https://secwatch.observer/filing/0001193125-24-089086.json
- Plain text: https://secwatch.observer/filing/0001193125-24-089086.txt

## Key facts
- Material Agreements
  Tradeweb Markets Inc. entered into Purchase Agreement with ICD Intermediate Holdco 1, LLC, ICD Holdings, LLC, Stellus Capital Investment Corporation, Parthenon Investors V ICD Holdco AIV, LP, SCIC - ICD Blocker 1, Inc., Parthenon Investors V ICD Blocker, Inc. valued at $785 million in cash (effective 2024-04-05).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: ICD Intermediate Holdco 1, LLC, ICD Holdings, LLC, Stellus Capital Investment Corporation, Parthenon Investors V ICD Holdco AIV, LP, SCIC - ICD Blocker 1, Inc., Parthenon Investors V ICD Blocker, Inc.
  - Value: $785 million in cash
  - Effective: 2024-04-05
  source text: On April 5, 2024, Tradeweb Markets LLC (the “Buyer”), a Delaware limited liability company and a subsidiary of Tradeweb Markets Inc., a Delaware corporation (“Tradeweb Markets” and, together with Buyer and its other subsidiaries, the “Company”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with ICD Intermediate Holdco 1, LLC, a Delaware limited liability company (“ICD Holdco”), ICD Holdings, LLC, a Delaware limited liability company (the “ICD Seller”), Stellus Capital Investment Corporation, a Maryland corporation (the “Stellus Blocker Seller”), Parthenon Investors V ICD Holdco AIV, LP, a Delaware limited partnership (the “Parthenon Blocker Seller” and, together with the ICD Seller and the Stellus Blocker Seller, the “Sellers”), SCIC - ICD Blocker 1, Inc., a Delaware corporation (the “Stellus Blocker”), Parthenon Investors V ICD Blocker, Inc., a Delaware corporation (the “Parthenon Blocker” and, together with the Stellus Blocker, together the “Blockers”), ICD H
  evidence_url: https://www.sec.gov/Archives/edgar/data/1758730/000119312524089086/0001193125-24-089086-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.