A group of nine Wall Street banks has agreed to pay $280 million for a minority stake in Thomson's TradeWeb, an online market for bond trading, the Wall Street Journal reported on Thursday, citing sources.
The deal, which is expected to be announced later on Thursday, will allow the banks to exercise more control over trading rules and bring more buying and selling onto TradeWeb, the paper said. The deal values TradeWeb at about $1.5 billion.
Banks in the deal include Merrill Lynch , Goldman Sachs , JPMorgan Chase , Credit Suisse, Lehman Brothers , Morgan Stanley , Deutsche Bank, Royal Bank of Scotland and UBS, the paper said.
A representative of TradeWeb could not be reached.
Thomson , a Canadian publisher, is in the process of seeking approval to buy Reuters Group in a deal announced in May.