TMX Group (TMX) today announced that it has completed the acquisition of NetThruPut (NTP) from Enbridge and Circuit Technology Limited.
NTP is a leading Canadian electronic platform and clearing facility for physical crude oil products.
"Energy trading and clearing are important and growing aspects of our increasingly diversified business and we are very excited about the opportunities that this acquisition provides," said Tom Kloet, TMX CEO.
In September 2007, TMX announced that it had acquired the option to acquire NTP, and on April 1, 2009, the company exercised the option. The final purchase price was approximately $52.2 million, which is comprised of approximately $22.6 million in cash and the issuance of approximately 880,000 TMX Group common shares.
Peter Krenkel, President of NGX, a wholly-owned subsidiary of TMX that trades and clears natural gas and electricity contracts added: "We have already begun to execute on the integration plan. Our ultimate goal is to consolidate NTP's physical energy transaction and clearing activity onto a single facility, which will provide customers who trade in multiple commodities with significant capital efficiencies."