Merrill Lynch completes Entergy-Koch takeover

The energy trading business will operate as Merrill Lynch’s global commodities group, a unit of the global markets and investment banking group. The EKT management team will continue to run the business.

EKT has not divulged the value of the sale, although David Trone, an analyst at financial group Prudential Financial, has valued the business at around $1 billion. EKT’s natural gas pipeline and storage business is not included in the transaction, but the joint venture is offering it for sale.

The purchase marks the latest in a series of attempts by Merrill Lynch to re-enter the energy trading market. The bank relaunched its energy desk last year, hiring Scott Kerson, formerly head of commodity marketing for the Americas at Deutsche Bank in New York, to head energy marketing.

And Kuljinder Chase, previously head of energy trading at Pennsylvania-based Allegheny Energy, joined Merrill in May 2003 as head of its natural gas and oil trading business.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here