Ever acquisitive Intercontinental Exchange has announced it will acquire the Trayport commodities trading platform in a $650 million deal, structured as all stock or cash and stock at ICE's discretion.
Intercontinental Exchange Inc (ICE.N), the owner of the New York Stock Exchange, said it would buy commodities trading platform Trayport from BGC Partners Inc (BGCP.O) and GFI Group Inc for about $650 million in stock. ICE said the deal would help it to provide new services to the European over-the-counter energy markets, including power, natural gas and coal. The exchange and clearing house operator said it also planned to extend the platform to cater to over-the-counter energy markets in Asia. ICE, which began as an energy exchange in 2000 and expanded through acquisitions of companies including the New York Board of Trade, said the deal would not have a material impact on its 2016 earnings. Trayport is a subsidiary of GFI Group, which was acquired by BGC Partners in March.