ICE Takes Major Stake in APX-ENDEX

American financial trader IntercontinentalExchange (ICE) has announced today that it has entered the Dutch gas trading market with the acquisition of a major stake in the gas exchange APX-ENDEX.

In a statement today, ICE said that it will partner with Gasunie in the derivatives and spot gas business of APX-ENDEX, with ICE taken the majority stake of 79.12 per cent in the division. Gasunie will retain a 20.88 per cent stake.

ICE says that the acquisition will bolster its position in the European market while Gasunie says the deal will help to ensure security and transparency in the market.

"The acquisition of a majority stake in APX-ENDEX's derivatives and spot gas business enables ICE to strengthen our offering to customers in continental Europe by providing a comprehensive energy marketplace and represents a significant step in expanding ICE's global commodity markets," President and CEO of ICE Futures, David Peniket said. "As an important energy trading hub and a strong European economy, the Netherlands is an ideal geographical location for ICE's expansion into continental Europe."

Paul van Gelder, CEO of Gasunie added: "Gasunie is very happy to partner with ICE based on its role as a leading provider and trading platform for global commodity markets and its world-class technology and clearing capabilities. Gasunie and ICE share a commitment to further develop a liquid, transparent and secure gas market for customers in Europe and around the world."

The transaction is expected to be completed and close by the end of the first quarter of next year and will be paid for by cash on hand, ICE said today.