Summary
Intercontinental Exchange, Inc. (ICE) has entered into definitive agreements to divest its Trayport business to TMX Group Limited for a total consideration valued at £550 million. This transaction comprises £350 million in cash and TMX Group's NGX and Shorcan Energy businesses, valued at £200 million. Simultaneously, ICE will acquire the NGX and Shorcan Energy businesses from TMX Group as part of a strategic exchange. The divestiture of Trayport is a result of a UK Competition & Markets Authority (CMA) order following ICE's acquisition of Trayport in December 2015. The CMA has approved the sale, and both transactions are expected to close in December 2017, with the NGX/Shorcan sale potentially extending into early 2018. This strategic move allows ICE to comply with regulatory requirements while acquiring complementary energy trading platforms.
Key Highlights
- 1ICE is selling its Trayport business to TMX Group for a total consideration valued at £550 million.
- 2The consideration includes £350 million in cash and TMX Group's NGX and Shorcan Energy businesses, valued at £200 million.
- 3Concurrently, ICE will acquire TMX Group's NGX and Shorcan Energy businesses.
- 4The sale of Trayport is mandated by the UK Competition & Markets Authority (CMA).
- 5The CMA has approved the sale of Trayport.
- 6Both the Trayport sale and the NGX/Shorcan acquisition are expected to close in December 2017.
- 7The acquisition of NGX and Shorcan Energy aligns with ICE's strategy in energy trading platforms.