TP ICAP PLC Acquisition (1517B)

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

[e-mail]

[phone]

Jamie Dunkley

Group Media Relations Director

[e-mail]

[phone]

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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January 08, 2018 02:00 ET (07:00 GMT)