Interdealer broker, ICAP plc, is acquiring the loss-making PLUS Stock Exchange plc for £1 in cash.

ICAP said on Friday that it would acquire PLUS, which provides listing and quoting services to about 140 companies and generates revenue of approximately £3 million a year. However, the business is currently losing money.

The deal requires shareholder and regulatory approvals. ICAP said that it is committed to supporting and expanding the equities listings venue, which provides growth capital for smaller companies, as well as exploring other possibilities.

“ICAP is well positioned to leverage PLUS’ exchange status to offer new products and solutions for its customers including, in time, listed derivatives,” it said.