1st Apr 2015 06:40
LONDON (Alliance News) - FTSE 250-listed interdealer broker ICAP PLC Wednesday said its ICAP Shipping business has signed a joint venture agreement with ship-broking group Howe Robinson Group Pte Ltd.
ICAP will take a 35% stake in the joint venture, called Howe Robinson Partners, which will house ICAP Shipping's India, Dubai and US operations.
No financial details on the deal were disclosed.
"We're pleased to announce the creation of Howe Robinson Partners. Howe Robinson and ICAP Shipping are highly complementary global businesses. The new venture will enable us to better service the diverse needs of our clients operating across multiple locations and market segments, now and into the future," said ICAP Energy Chairman Paul Newman.
By Sam Unsted; [email protected]; @SamUAtAlliance
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