CME to boost position in Europe and Asia energy with purchases
CME Group is to acquire Trayport, a global provider
for electronic trading systems in the energy markets, from
interdealer broker GFI as the US exchange seeks to
boost its position in the European and Asian OTC
has agreed a deal to acquire the business by first purchasing
all of the outstanding shares of GFI Group in exchange for
$4.55 per share in CME Group Class A Common Stock, which
equates to about $580m.
In parallel, a private consortium
of GFI Group management, led by executive chairman Michael
Gooch, CEO Colin Heffron and managing director Nick Brown,
will acquire GFI’s wholesale brokerage and
clearing business for $165m.
"While Trayport brokers and clients will continue to connect
to clearing and execution services on multiple exchanges as
they always have, CME Group also will be working to improve
upon workflows and straight-through-processing that
ultimately will benefit end users in the European energy
markets," said Phupinder Gill,
CEO, CME Group.
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