TP ICAP PLC Acquisition (1517B)
January 08 2018 - 1:00AM
UK Regulatory
TIDMTCAP
RNS Number : 1517B
TP ICAP PLC
08 January 2018
8 January 2018
TP ICAP plc announces the acquisition of SCS Commodities
Corp
TP ICAP plc ("TP ICAP" or "the Company") announces that is has
acquired SCS Commodities Corp ("SCS"), an independent energy and
commodities broker based in the US.
SCS has expertise in crude oil futures, soft commodities,
petroleum and refined products, natural gas options and crude oil
options. It has 26 brokers who provide clients with continuous
coverage of energy markets around the world including pre-trade
intelligence and execution expertise of high volume trades,
including blocks, inter-commodity spreads and complex option
strategies.
SCS was founded in 1991. It is being sold by its five partners
who together own 98% of the business, and by a corporate entity
which owns the remaining 2%. The primary partners who are
responsible for generating revenues will remain with the business
after the acquisition and continue to develop it.
SCS will become part of TP ICAP's energy and commodities
division which provides global coverage of a wide range of energy
and commodities products through its leading brands to a diverse
client base. The acquisition continues the expansion of the
division's specialist execution expertise.
The consideration for the acquisition is an initial payment in
cash, and further performance related amounts, also in cash, may be
made at various dates over the next 5 years.
For the year ended 31 December 2016, SCS made revenues of $14.3m
and profits before tax of $0.8m. At 31 December 2016 it had gross
assets of $4.2m.
ENDS
Enquiries:
TP ICAP:
Sam Dobbyn
Investor Relations
Sam.dobbyn@tpicap.com
+44 (0)20 7200 7147
Jamie Dunkley
Group Media Relations Director
Jamie.dunkley@tpicap.com
+44 (0) 20 7200 7524
About TP ICAP
TP ICAP brings together buyers and sellers in global financial,
energy and commodities markets. It is the world's largest wholesale
market intermediary, with a portfolio of businesses that provide
broking services, data & analytics and market intelligence,
trusted by clients around the world. We operate from offices in 31
countries, supporting award-winning brokers with market-leading
technology.
www.tpicap.com
This information is provided by RNS
The company news service from the London Stock Exchange
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