ICE Formally Completes Acquisition of BGC’s Trayport

ICE has completed its acquisition of Trayport from BGC Partners and GFI Group for $650 million or 2.5 million shares

Intercontinental Exchange (NYSE: ICE), a global network of exchanges and clearing houses, has formally completed its acquisition of Trayport from BGC Partners and GFI Group for $650 million, nearly one month after initially entering into a mutual board-approved agreement, according to an ICE statement.

Back on November 16, ICE entered into an agreement to acquire Trayport, a subsidiary of GFI Group, for $650 million in ICE common stock, which is now estimated at approximately 2.5 million ICE common shares. The agreement represents an important stroke for ICE with the hopes of ushering in the provision of a suite of new services to the European OTC energy markets, which presently includes comprehensive offerings of European power, natural gas and coal options.

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By and large, the sale has been anticipated since GFI and BGC merged back in March, though the passage of a definitive agreement represents a victory for ICE, which successfully outmaneuvered CME Group, an original bidder prior to the involvement of BGC Group.

According to ICE Chairman and Chief Executive Office (CEO) Jeffrey C. Sprecher, in a recent statement on the agreement, “We will continue to invest in the Trayport platform, maintaining and enhancing its current model to serve the European OTC markets by facilitating the interaction of brokers, utilities and end users, clearing houses and other market participants.”

“As the European energy markets evolve, we look forward to supporting and developing Trayport’s market leading technology to assist the management of price risks in a liquid, broker-centric marketplace,” he added.

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