Last checked at 2 Nov 2018 07:00
TP ICAP PLC
02 November 2018
TP ICAP plc announces the acquisition of Axiom
TP ICAP plc ("TP ICAP") announces that it has today acquired Axiom Refined Products, LLC, Atlas Commodity Markets, LLC, Atlas Petroleum Markets, LLC, and Atlas Physical Grains, LLC (collectively, "Axiom"), an energy and commodities brokerage firm in the US.
Axiom is headquartered in Houston, Texas and has an office in Chicago. It has 22 brokers and specialises in crude oil, refined oil products, ethanol and physical grains. It is being sold by its founding partners and senior management all of whom will remain with the business after the sale and continue to build it.
Axiom will become part of TP ICAP's Energy & Commodities division which provides high value services, including pre-trade information, market intelligence and brokerage services to clients. The acquisition continues the expansion of the Energy & Commodities division's product range and execution expertise, and reinforces its presence in Houston, Texas.
The initial consideration for the acquisition is $15.1m in cash. In addition, deferred non-contingent consideration of $3.1m will be paid over three years and a further $10.9m of deferred contingent consideration may be payable dependent upon the performance of the business over the same timeframe. These subsequent payments will be satisfied through cash payments.
For the year ended 31 December 2017, Axiom made profit before tax of US$5.3m. At 31 December 2017 it had gross assets of US$7.4m.
ENDS
Enquiries:
TP ICAP:
Analysts and Investors
Sam Dobbyn
Sam.Dobbyn@tpicap.com
+44 (0)20 7200 7147
Media
Jamie Dunkley
Jamie.Dunkley@tpicap.com
+44 (0) 20 7200 7524
About TPICAP
TP ICAP brings together buyers and sellers in global financial, energy and commodities markets. It is the world's largest wholesale market intermediary, with a portfolio of businesses that provide broking services, data & analytics and market intelligence, trusted by clients around the world. We operate from offices in 31 countries, supporting award-winning brokers with market-leading technology.
www.tpicap.com