Nos and Imarex merge

Norwegian clearing company Nos and Oslo-based freight derivatives exchange Imarex are to merge into a new holding company, the two companies have announced. In order to focus fully on commodity derivatives, the equities derivatives clearing of Nos will be sold to VPS, the Norwegian Central Securities Depository, the companies say.

The companies believe they will be better positioned together, through a combination of the companies' competence and market positions. Under the same ownership, Nos/Imarex will be able to develop new markets faster and more cost efficient through organic development, they say. "The objective of the new company is to become a major player within commodity trading and clearing in Europe," the companies said in statement.

"This transaction is a win-win for the shareholders in both Nos and Imarex. We maintain separate companies, and Nos will thus continue to be a trusted third-party. At the same time we will have common objectives and focus," says Mai-Lill Ibsen, chief executive of Nos ASA.

The activities of Nos and Imarex will remain as separate entities under the merged ownership.

In connection with the merger of ownership Nos will divest the equities derivatives clearing to VPS, and Nos/Imarex have signed a letter of intent to sell this part for NOK 175 million ($27 million).

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