Company News

TMX will pay $592 million in cash and sell Natural Gas Exchange Inc. and Shorcan Energy Brokers to ICE

By Canadian Press |
Source: The Canadian Press

Toronto-based exchange operator TMX Group Ltd. has signed a deal to acquire Trayport Holdings Ltd. from Intercontinental Exchange Inc. in an agreement valued at $931 million.

Under the transaction, TMX Group will pay $592 million in cash and sell Natural Gas Exchange Inc. and Shorcan Energy Brokers to ICE for $339 million.

Trayport provides services to energy commodities traders, exchanges, wholesale brokers and central clearing counterparties.

It has about 240 employees in offices in London, New York and Singapore.

The companies said that the U.K. Competition and Markets Authority has approved the sale of Trayport to TMX Group.

The sale of NGX and Shorcan Energy to ICE is subject to regulatory approval and notifications including approval from the Canadian Competition Bureau.