London-based energy trading software company Trayport has been shuffled between the North American bourses Friday, as the Toronto Stock Exchange's parent agreed to take it from the New York Stock Exchange's owner for £550m.
TMX Group will pay £350m in cash to the Intercontinental Exchange (ICE) for Trayport, while the other £200m will be transferred in the form of two businesses – Natural Gas Exchange (NGX) and Shorcan Energy Brokers.
ICE had agreed to sell Trayport back in July, after the UK's competition watchdog ruled ICE was excessively dominating the utility derivatives trading industry.
“The acquisition of Trayport brings a proven team of product development, data, analytics and sales talent to TMX and immediately strengthens our global data and analytics business,” said Lou Eccleston, chief executive of TMX Group.
Founded in 1993, Trayport has offices across London, New York and Singapore. It serves commodities traders, exchanges, wholesale brokers and central clearing counterparties, providing them with price discovery, trade execution, and post-trade services.
TMX has said it will invest in the business to help it expand further.
ICE meanwhile said the acquisition of NGX, an electronic trading, central counterparty clearing and data services business, and Shorcan Energy Brokers, which offers brokerage services for the North American crude oil markets, was a “positive result for our customers and shareholders”.
“We believe expanded clearing solutions will be appreciated by customers seeking more choice in risk management and more efficiency in how they execute and clear,” said ICE.