Mercuria Announces Acquisition of J.P. Morgan Physical Commodities Business
GENEVA, March 19, 2014 /PRNewswire/ --
Mercuria Energy Group ("Mercuria") is pleased to announce that it has reached a definitive agreement with J.P. Morgan Chase & Co. to acquire its physical commodities business. The all cash transaction is expected to close in the third quarter of 2014, subject to regulatory approvals.
During that period, Mercuria will work closely with J.P. Morgan to ensure a smooth transition of the business.
"This transaction represents a major step in the development of Mercuria. The market professionals at J.P. Morgan commodities are amongst the most highly regarded in the industry. The opportunity to integrate them in Mercuria's global existing business will reinforce our Group's leading position in the energy and commodities markets," said Marco Dunand, President and CEO of Mercuria.
SOURCE Mercuria Energy Trading S.A