IntercontinentalExchange announced on Friday that it has reached a deal to acquire Climate Exchange plc, a pioneer in emissions trading markets.
Shareholders of Climate Exchange plc, which operates the European Climate Exchange, the Chicago Climate Exchange, and the Chicago Climate Futures Exchange will receive £7.50 per share in cash, valuing the firm at approximately £395 million.
ICE said that the transaction is expected to be accretive to earnings in 2011 and slightly dilutive to earnings for the balance of the current year. It expects the deal to close at the end of July.
“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 Sprecher.
“We believe that a combination with ICE makes strategic sense and look forward to addressing continued opportunities together,” said Climate Exchange’s chairman, Richard Sandor. “ICE has committed to further developing the Climate Exchange businesses and building on our joint track record of innovation and success to the benefit of our customers across futures and OTC markets in Europe, Asia and the U.S.”
IE