Intercontinental Exchange has agreed to sell energy trading technology shop Trayport to Canadian exchange operator TMX Group in a deal worth around £550 million.
ICE bought Trayport for £500 million just two years ago but quickly ran into trouble whith the UK's Competition and Markets Authority (CMA).
The CMA decided that concerns the exchange operator could use its ownership of Trayport’s platform to reduce competition, leading to increased fees, were so strong that a sale of the recently acquired business was the only effective remedy.
After a failed appeal, in July ICE agreed to sell off Trayport and has now found a buyer in the shape of TMX Group, which will pay £350 million in cash. In return, ICE will buy energy broker Shorcan Energy and Alberta exchange NGX for £200 million.
Jeffrey Sprecher, CEO, ICE, says: "We believe this is a positive result for our customers and shareholders, and we are divesting Trayport in a manner consistent with the CMA’s requirements. We believe expanded clearing solutions will be appreciated by customers seeking more choice in risk management and more efficiency in how they execute and clear."