ICAP (IAP.L), the world's premier voice and electronic interdealer broker, has acquired a 15 percent stake in the Bolsa de Productos de Chile (BPC), a commodity exchange in Chile.
With this stake, ICAP becomes the first international investor to have an ownership stake in a Chilean exchange.
ICAP acquired the last three shares belonging to Bolsa de Productos de Chile (BPC), valued at CLP $400 million (Chilean pesos); (approximately USD $800,000). With this operation, the Bolsa de Productos de Chile (BPC) has concluded its capital raising efforts, which consisted of the issuance of five new shares in February 2006.
"ICAP's acquisition of part of the Bolsa de Productos de Chile is highly important, due not only to its confidence in our market and the exchange, but also because the presence of a large international investor opens the possibility to develop new products and accelerates the internationalization of the BPC businesses", said Bolsa de Productos de Chile president Cesar Barros.
Doug Rhoten, Chief Executive Officer, ICAP Americas said: "ICAP sees enormous potential in Latin America, particularly in Chile, and we are pleased to have acquired 15 percent of such a dynamic and growing company. This acquisition will help us to build on our already strong market position in the energy markets and further expand in the Americas as these markets continue to develop."
Barros added that ICAP's expertise and platforms would help the BPC to develop markets such as energy and new products such as wine repos - a new experience that is exportable to European and Californian markets - and receivables, that give access to the capital markets for small size business.
ICAP has been involved in the Chilean market since 2003, when it entered into a joint venture with Bolsa Electrónica. This joint venture supported the development of the electronic foreign exchange market and the creation of the first voice broker in Chile.