ATLANTA, July 9 -- IntercontinentalExchange, Inc. (NYSE:ICE), the leading electronic energy marketplace and soft commodity exchange, announced that it closed today on its acquisition of ChemConnect, Inc.'s commodity trading business. ChemConnect is the leading electronic marketplace for the natural gas liquids (NGLs) and chemicals markets, which have a notional value of approximately $150 billion. The acquisition complements ICE's leading position in the U.S. physical gas and power markets. Utilized by the world's largest producers and consumers of NGLs and chemicals, ChemConnect has established a 10-year track record in expanding the markets for these products and providing hedging opportunities for market participants.
Also today, ChemConnect transitioned its electronic markets from its former platform to ICE's electronic trading platform, where customers will benefit from a more comprehensive product offering in a single marketplace on the ICE platform. ChemConnect's NGL markets include propane and ethane, while its chemicals business includes commodities such as ethylene, propylene and benzene.
Terms for the cash transaction were not disclosed.
IntercontinentalExchange(R) (NYSE:ICE) operates the leading global, electronic marketplace for trading both futures and OTC energy contracts and the leading soft commodity exchange. ICE's markets offer access to a range of contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, ethanol, orange juice, wood pulp and sugar, in addition to currency and index futures and options. ICE(R) conducts its energy futures markets through its U.K. regulated London-based subsidiary, ICE Futures, Europe's leading energy exchange. ICE Futures offers liquid markets in the world's leading oil benchmarks, Brent Crude futures and West Texas Intermediate (WTI) Crude futures, trading nearly half of the world's global crude futures by volume of commodity traded. ICE conducts its agricultural commodity futures and options markets through its U.S. regulated subsidiary, the New York Board of Trade(R). For more than a century, the NYBOT(R) has provided global markets for food, fiber and financial products. ICE was added to the Russell 1000(R) Index on June 30, 2006. Headquartered in Atlanta, ICE also has offices in Calgary, Chicago, Houston, London, New York and Singapore. For more information, please visit www.theice.com and www.nybot.com.
Source: IntercontinentalExchange, Inc.
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