Having a chat with someone in the industry today when talk turned to TradeWeb and the possibility of the dealers buying it back from Thomson (a.k.a Project Fusion). Now this is in no way verified, however this person said that the figure on the table is USD1.5 billion!

Must say, if true, that would be some return on the Thomson initial investment of (correct me if my memory is hazy) USD500 million.

One reason I’d very much doubt it, is that, to my understanding (and not what I originally thought), Project Fusion is about the part buyback of TradeWeb, not the complete buyback. Perhaps the USD1.5bn is the whole valuation and, say,the dealers want 40% they’d pay USD600m.

Still seems plenty of $$$$$$$$$$.