Thomson Reuters to buy Point Carbon
28 May 2010 | 5298 views | 0
Source: Thomson Reuters
Thomson Reuters (NYSE: TRI) today announced that it has agreed to acquire Point Carbon A/S, a Norwegian-based leading provider of essential trading analytics, news and content for the energy and environmental markets.
This acquisition strengthens Thomson Reuters offerings to the energy sector through the combination of Point Carbon's critical insight, market fundamentals and powerful analytics of key price drivers with Thomson Reuters leading news and pricing service.
Point Carbon provides banks, traders, portfolio managers, corporations and governments with critical insights based on deep industry knowledge and sophisticated modelling capabilities across the carbon, power, and gas markets. Point Carbon's valuable demand, supply and price predictive models are based on proprietary data collection and are used by thousands of traders and analysts globally.
Technological advances are increasing the breadth, depth and frequency with which information is available on physical commodity flows and fundamentals, such as power production, consumption and weather, as well as events like political actions or operational outages. As global economic development continues to boost energy needs in a carbon constrained world, the combination of Thomson Reuters and Point Carbon will deliver the critical information and tools to allow market participants to optimize their business, investment and trading strategies in this evolving marketplace.
Shaun Sibley, Global Head of Commodities & Energy, Thomson Reuters, said, "This acquisition underscores Thomson Reuters commitment to the global energy markets and supports our growth plans for our leading commodity and energy business. Thomson Reuters clients will benefit from greater expertise and highly innovative technologies that will provide further granularity and a more sophisticated view of market conditions and their impact on price and trading. We will look to expanding our business to new customers, geographies and asset classes."
Per-Otto Wold, CEO and Co-founder of Point Carbon, said, "Point Carbon has experienced excellent growth over the last 10 years and currently holds leading positions in our areas of focus. I truly believe that combining Thomson Reuters and Point Carbon is an excellent union of forces that will take Point Carbon to the next level."
Following integration, Point Carbon content will be available through Thomson Reuters Eikon, the company's new desktop offering to be launched later this year. In addition Reuters Insider, Thomson Reuters recently launched financial video platform, will begin broadcasting from Oslo and elsewhere around the world programs on the energy and environmental markets using Point Carbon's analysts and proprietary data.
The transaction is expected to close in the coming weeks. The terms of the agreement were not disclosed.