Intercontinental Exchange (ICE) has acquired the remaining 20% interest in the Dutch energy exchange Endex, which has become a fully owned subsidiary of ICE, encouraged by efforts to expand the brand in a handful of international markets.
Terms of the transaction weren’t made public but ICE said it was immaterial to their financial results.
The US-based exchanges operator completed the deal with N.V. Nederlandse Gasunie to take full control of the Amsterdam-headquartered firm which provides an accessible continental European trading hub for natural gas and power derivatives.
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Back in 2012, ICE bought a majority stake in the derivatives and spot gas business of APX-ENDEX, which was de-merged into a power spot and clearing entity and a derivatives and spot gas entity.
The ENDEX license covers derivatives and spot trading around the Title Transfer Facility (TTF) Virtual Trading Point in the Netherlands in addition to the UK On-the-Day Commodity Market (OCM) and the Belgian Zeebrugge Trading Point (ZTP).
David Peniket, President and COO of ICE Futures Europe, commented: “Gasunie have been terrific partners in building ICE Endex and in growing the Dutch TTF gas futures and options complex to help customers manage their price risk. Our acquisition of the remaining shares in ICE Endex along with further cooperation with Gasunie will allow us to further develop these markets and to serve the needs of our European gas and power customers. We look forward to continuing to work with Gasunie as we collaborate in support of the growth of both the European and global natural gas markets.”
Ulco Vermeulen, Business Development of Gasunie, added: “Three years ago Gasunie decided to join forces with ICE for a period of time to develop a highly liquid, secure and efficient continental European platform for trading gas and power. By bringing the expertise of both companies together we have been able to deliver this initiative. Trade is now flourishing and the 100% ownership by ICE is the most logical step for the ICE Endex business.”