The integration of ICAP Group’s voice dealing business into inter-dealer broker Tullett Prebon and the spinoff of ICAP’s remaining technology business as the NEX Group are almost at a close as ICAP expects to delist ICAP and list Newco shares on the London Stock Exchange beginning December 15.

“NEX and the businesses being transferred to Tullett Prebon (IGBB) are fully separated,” a spokesperson speaking for ICAP told Markets Media. “As you might expect, there are a number of transitional services agreements whereby NEX and IGBB provide operational support to each other for a limited period of time, although they are not providing detail on these.”

The effective ‘demerger’ is expected to take effect on December 29, according to regulatory filings by the inter-dealer broker.

However, all dates are dependent on “the date upon which the Court sanctions the Scheme and confirms the ICAP Reduction of Capital and the date on which the Scheme Court Order sanctioning the scheme is delivered to the Registrar of Companies,” according to an announcement released by ICAP.

ICAP and Tullett Prebon first announced that Tullett Prebon would acquire ICAP’s hybrid voice broking business and other assets in November 2015.

The transaction is a reverse takeover in which ICAP has formed a new holding company, ICAP NewCo, that holds 100% of ICAP shares. Existing ICAP shareholders will become ICAP NewCo shareholders prior to the completion of the deal. Tullett Prebon will then acquire ICAP’s holding company for its voice broking business in an all-stock transaction.

Tullett Prebon plans to operate the existing portfolio of ICAP and Tullett Prebon brands in parallel after the transaction is completed, according to Tullett Prebon officials at the time.

The UK’s Competition and Markets Authority cleared the transaction after ICAP agreed to sell its London-based EMEA oil desks to INTL FCStone mid-year and the Financial Conduct Authority approved the transaction in mid-November.