ICE purchasing Climate Exchange (Atlanta)
IntercontinentalExchange Inc. plans to buy London-based Climate Exchange plc, which develops traded emissions markets, in a deal worth $604 million.
Climate Exchange operates the European Climate Exchange (ECX), the Chicago Climate Exchange (CCX) and the Chicago Climate Futures Exchange (CCFE).
Climate Exchange will become a wholly-owned subsidiary of Atlanta-based IntercontinentalExchange, operating under the Climate Exchange's respective brand names.
“The combination of Climate Exchange's emissions markets and ICE's futures and OTC energy markets is an important and logical strategic combination for our customers and shareholders, and clearly an exciting opportunity for ICE to grow and further diversify our revenues,” said ICE Chairman and CEO Jeffrey C. Sprecher, in a statement. Full post: Atlanta Business Chronicle.
The Wall Street Journal offers further perspective on the proposed deal.
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