---
title: "Tradeweb agrees to buy Trumid for about $1.97 billion"
url: "https://etf.net/news/tradeweb-agrees-to-buy-trumid-2026-10-19"
published_at: "2026-10-19T23:58:28.319Z"
updated_at: "2026-10-19T23:58:28.319Z"
byline: "ETF.net Research"
---

# Tradeweb agrees to buy Trumid for about $1.97 billion

The $1.75 billion for the business is about 58 times Trumid’s adjusted earnings before interest, taxes, depreciation and amortization, while Tradeweb’s own figure is 19.4 times only once $60 million a year of cost cuts are fully counted.

By ETF.net Research. Published Oct 19, 2026.

Tradeweb Markets agreed Monday to buy Trumid, an electronic credit marketplace, for about **$1.97 billion**.

Of that, $1.75 billion is for the business and about $220 million is for tax assets. About $1.89 billion of the price is cash, subject to customary adjustments, and $82 million is equity in Tradeweb going to some Trumid holders.

Tradeweb annualized Trumid’s first nine months of 2026 and put revenue at about $150 million. On adjusted earnings before interest, taxes, depreciation and amortization, it put the standalone margin at about 20%. That comes to about $30 million.

The $1.75 billion for the business is about 58 times that. Tradeweb’s 19.4 times figure is the same price only once $60 million a year of cost cuts are fully counted.

Tradeweb expects 70% of those cuts in the first year and 95% by the second. It said the deal should add to adjusted earnings per share in the first full year after closing, with a larger lift later as the savings arrive.

Its presentation assumes Trumid’s revenue grows 10% a year, and that the standalone margin improves by about 4 percentage points a year separate from the cost cuts. It also assumes Tradeweb gives up $65 million a year of interest income on the cash.

Tradeweb expects to fund the cash mainly from money it already has. It reported $2.1 billion in cash and equivalents as of June 30.

At Monday’s close of $114.70, Tradeweb had a stock-market value of $24.8 billion, so the deal is about 8% of it.

Trumid’s platform handles U.S. dollar investment-grade, high-yield, distressed and emerging-market bonds.

Tradeweb, which says it facilitates more than $3 trillion of trading a day, said the purchase extends it into earlier stages of a bond’s life.

Both boards approved the agreement unanimously. Tradeweb is targeting a close in the first half of 2027, subject to regulatory approvals and other customary conditions. It scheduled an investor call for 8:30 a.m. ET Tuesday.

Source: etf.net, https://etf.net/news/tradeweb-agrees-to-buy-trumid-2026-10-19. Please cite the page URL.