September 11, 2013 / 4:10 PM / 6 years ago

Exclusive: Tradeweb in exclusive talks to buy BondDesk - sources

NEW YORK (Reuters) - Fixed-income trading platform provider Tradeweb is in exclusive talks to buy BondDesk Group LLC in a deal expected to be valued at up to $200 million, two sources familiar with the situation told Reuters this week.

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 (MKTX.O) were among the bidders, sources have told Reuters.

A call to Broadhaven was not immediately returned. BondDesk and Tradeweb declined to comment.

While discussions between Tradeweb and BondDesk are at an advanced stage, it is possible that the deal may not materialize, the sources cautioned. The sources wished to remain anonymous because they are not permitted to speak to the media.

For Tradeweb, which is majority-owned by Thomson Reuters Corp (TRI.TO), acquiring BondDesk would allow it to gain a bigger presence among retail investors. BondDesk describes itself as the nation’s largest retail bond-trading venue.

Exchanges and trading platforms like Tradeweb are constantly looking to broaden their offerings and customer bases to diversify their revenue streams. Earlier this year, Nasdaq OMX Group (NDAQ.O) bought electronic Treasuries trading platform eSpeed from BGC Partners for $750 million in cash.

Editing by Maureen Bavdek and Matthew Lewis

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