London-based inter-dealer broker Icap plans to acquire the US energy broking company United Fuels International.The Massachusetts-based brokerage has 60 staff, of which 41 are brokers, with a turnover of $24 million. Its business is focused on physical energy (crude oil, gasoline, distillates, jet fuel, coal and emissions); energy derivatives (crude, fuel oil, natural gas Nymex swaps, emissions derivatives and coal swaps); and energy futures (Nymex floor brokerage, introducing broker services and technical advisory services).
Dennis Crum, chief executive of Icap Energy, believes United has a strong presence in oil, coal and emissions, and will add to the UK broker’s existing focus on US power and gas. The acquisition is expected to be completed in early October.
Icap did not divulge financial details regarding the possible deal.
More on Commodities
Dodd-Frank and Mifid II won't stop market disorder but will penalise hedgers
Commodity firms blast CFTC over hedge exemptions to position limits
Mifid II proposals seen as bad for end-users and market liquidity
Regulator probe touches on controversy over warehouses and role of banks
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.