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IntercontinentalExchange Group buys Trayport for $650 million

Staff writer |
IntercontinentalExchange Group (ICE) entered into a definitive agreement to acquire Trayport for $650 million in ICE common stock.

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Trayport is a subsidiary of GFI Group, which was acquired by BGC Partners in March 2015. Trayport licenses its technology platform to serve brokers for electronic and hybrid trade execution primarily in the European over-the-counter (OTC) utility markets.

The transaction will enable ICE to provide new services to the European OTC energy markets, including European power, natural gas and coal.

Based in London, Trayport will continue to serve its customers - including energy producers and consumers, brokers, exchanges and clearing houses - with its existing technology platform.

As part of ICE, Trayport will offer customers access to a broader range of risk management and analytics services as the OTC markets evolve.

It will benefit from ICE’s global technology infrastructure and its expertise in managing secure data. In addition, as energy markets in Asia continue to develop, ICE expects to extend the platform to support the development of these OTC markets.

The agreement was unanimously approved by the boards of both companies. The transaction is expected to close in the first quarter of 2016, subject to the completion of closing conditions and receipt of applicable regulatory approvals.

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