4th Oct 2005 07:00
ICAP PLC04 October 2005 ICAP plc completes acquisition of United Fuels International, Inc, a leading USenergy broker London, October 4, 2005 - ICAP plc (IAP.L), the world's largest interdealerbroker, has completed its previously announced acquisition through its Groupcompanies the majority of the assets of United Fuels International, Inc. and itsAffiliates (United), a leading US based energy broking business. The total costof the acquisition, paid in cash, was $27.2 million. The acquisition is expected to be immediately accretive to ICAP's earnings pershare and the profit margin (before tax, exceptional items and amortisation ofintangibles) for the financial year ended 31March 2006 is expected to exceed20%. Contacts: Ivette Collazo ICAP N.A. - Media Relations (1) 212 815 6886 Mike Sheard Director of Corporate Affairs (44) 20 7050 7103 About ICAP: ICAP is the world's largest interdealer broker and following the acquisition ofthe BrokerTec fixed income securities businesses is the world's leadingelectronic broker of fixed income securities with a daily average transactionvolume in excess of $1 trillion, 50% of which is electronic. The Group isactive in the wholesale market for OTC derivatives, fixed income securities,money market products, foreign exchange, energy, credit and equity derivatives. ICAP Energy was named Broker of the Year by Energy RISK magazine in a poll ofmarket participants. About United: Headquartered in Burlington, MA with 5 US offices, United's 60 staff, including41 brokers, serve over 500 industry clients across the three major energy marketsegments: physical energy - crude oils, gasoline, distillates, jet fuel, coaland emissions; energy derivatives - crude, fuel oil, natural gas NYMEX swaps,emissions derivatives and coal swaps; and energy futures- NYMEX floor brokerage,Introducing Broker services, and technical advisory services. Founded in late 1980, United Fuels International, Inc. and its affiliatedcompanies comprise one of the leading integrated energy brokerage firms in theUnited States. In the over-the-counter ("OTC') market, United acts as a brokerof spot and long term transactions between commercial industry participants. Inthe futures market, the Company provides floor brokerage execution on the NewYork Mercantile Exchange. ('NYMEX"), as well as full service introducingbrokerage, technical advisory and newsletter services for energy futures andoptions to industry clients. United's customer base includes major oilcompanies, independent refiners, domestic and international investment banks,domestic and international trading firms, petroleum marketers, airlinecompanies, electric utility companies, industrial manufacturers, petrochemicalcompanies, and managed futures funds. The acquisition includes United Fuels International, Inc., United Crude Oil,Inc., United Domestic Crude Oil, Inc., United Power, Inc., and United Energy,Inc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
IAP.L