IntercontinentalExchange closes ChemConnect acquisition
IntercontinentalExchange, Inc. (NYSE:ICE) , the leading electronic energy marketplace and soft commodity exchange, announced that it closed today on its acquisition of ChemConnect, Inc.'s commodity trading business.
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ChemConnect is the leading electronic marketplace for the natural gas liquids (NGLs) and chemicals markets, which have a notional value of approximately $150 billion. The acquisition complements ICE's leading position in the U.S. physical gas and power markets. Utilized by the world's largest producers and consumers of NGLs and chemicals, ChemConnect has established a 10-year track record in expanding the markets for these products and providing hedging opportunities for market participants.
Also today, ChemConnect transitioned its electronic markets from its former platform to ICE's electronic trading platform, where customers will benefit from a more comprehensive product offering in a single marketplace on the ICE platform. ChemConnect's NGL markets include propane and ethane, while its chemicals business includes commodities such as ethylene, propylene and benzene.
Terms for the cash transaction were not disclosed.