Icap to buy US energy broker

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.

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