Mercuria Energy Group, Ltd announced it has completed the acquisition of J.P. Morgan Chase & Co (“J.P. Morgan”) Physical Commodities Business, following the signing of a definitive Purchase and Sale Agreement in March of 2014.
Mercuria is a leading energy and commodity group. With a 2013 turnover of USD 112 billion, the Group, primarily focused on energy, is present all along the commodity value chain with activities forming a balanced combination of commodity flows and strategic assets.
J.P. Morgan employees transferring to Mercuria will primarily locate in Mercuria’s trading hubs of Houston; London; Calgary; Greenwich, Connecticut; and Singapore.
As part of the acquisition, Mercuria acquires Henry Bath, the historic metals warehousing, storage, and handling business. Mercuria will operate Henry Bath as a stand-alone subsidiary independent from its trading operations.
Mercuria's expertise covers all segments of the energy market, including associated environmental products, and extends to iron ore, dry-bulk freight, base metals and petrochemicals. The Group also invests in upstream oil, gas and coal mining assets around the world. These investments underpin the company's growing presence in the global market. The Group maintains sound infrastructure capabilities, including oil petroleum products storage terminals and production assets.
Source : mercuria.com
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