APB currently has net assets of $4.4 million. The trader had revenues of $32.5 million and a normalised pre-tax profit of $8.7 million last year. All 165 of APB’s directors and staff are expected to remain with the company.
“APB Energy has a strong market position in electricity, natural gas, coal and other energy-related products. We believe that energy broking has significant long-term potential and that APB Energy can provide an outstanding entry for Icap into the US, Nordic and other regional European markets,” said Michael Spencer, Icap chief executive.
Icap has a 50-strong commodity derivatives business covering oils and oil products, bullion and precious metals, electricity, coal and weather derivatives – primarily out of London, plus small units in Sydney and Singapore – but until this acquisition it did not have a US presence. APB has European offices in Amsterdam and acquired Norwegian Energy Brokers in October 2001.