07:47 AM EDT, 04/08/2024 (MT Newswires) -- Tradeweb Markets ( TW ) said Monday it has agreed to acquire Institutional Cash Distributors for $785 million.

The deal, expected to close in H2, will enhance Tradeweb's market by more than $2 billion, with anticipated adjusted earnings per share accretion in the first 12 months post-closure, the company said.

Institutional Cash Distributors is an institutional investment technology provider for corporate treasury organizations trading short-term investments.

The transaction will be funded with cash on hand.