Tullett Prebon has signed a deal to acquire Convenção S/A Corretora de Valores e Câmbio (Convenção), one of the leading inter-dealer brokers in Brazil. The acquisition is conditional on approval from the Brazilian authorities, including the Central Bank of Brazil, and is expected to complete in the second quarter of 2010.

Convenção was founded in 1973. The senior management of Convenção will remain with the company after the acquisition is completed.

For the year to December 2008, Convenção reported revenues of R$21.9 million (£8 million). The initial consideration for the acquisition is R$20 million (£7.3 million) payable in cash with deferred consideration up to a maximum of R$30.3 million (£11 million) payable in cash subject to achievement of future revenue and profit targets.

The acquisition of Convenção marks Tullett Prebon’s entry to the on-shore Latin American market. The company intends to establish a presence in key countries throughout the region.

Convenção is being sold by Eduardo da Rocha Azevedo, Eduardo Nogueira da Rocha Azevedo and Marcelo Taiar Arbex. Tullett Prebon is one of the world’s largest inter-dealer brokers and operates as an intermediary in wholesale financial markets facilitating the trading activities of its clients including commercial and investment banks. The business covers volatility, rates, non-banking ad sterling cash, treasury, energy, credit, environmental and equities.