Shearman & Sterling is advising Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, on its acquisition of Trayport for $650 million in ICE common stock. Trayport is a subsidiary of GFI Group, which was acquired by BGC Partners in March 2015. Trayport licenses its technology platform to serve brokers for electronic and hybrid trade execution primarily in the European over-the-counter (OTC) utility markets. The transaction will enable ICE to provide new services to the European OTC energy markets, including European power, natural gas and coal.
The agreement was unanimously approved by the Boards of both companies. The transaction is expected to close in the first quarter of 2016, subject to the completion of closing conditions and receipt of applicable regulatory approvals.
Intercontinental Exchange (NYSE:ICE) operates the leading network of regulated exchanges and clearing houses. ICE’s futures exchanges and clearing houses serve global commodity and financial markets, providing risk management and capital efficiency. The New York Stock Exchange is the world leader in capital raising and equities trading.
BGC Partners is a leading global brokerage company servicing the financial and real estate markets. Financial Services offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. BGC provides a wide range of services, including trade execution, broker-dealer services, clearing, trade compression, post trade, information, and other services to a broad range of financial and non-financial institutions. Through its FENICS, BGC Trader, and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. Real Estate Services are offered through the Company’s Newmark Grubb Knight Frank brand, which provides a wide range of commercial real estate services, including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management. BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms.
GFI is majority-owned by, and operates as a division of, BGC Partners, Inc. GFI Group Inc. is a leading intermediary in the global OTC and Listed markets offering an array of sophisticated trading technologies and products to a broad range of financial market participants. More than 2,500 institutional clients benefit from GFI's know-how and experience in operating electronic and hybrid markets for cash and derivative products across multiple asset classes, including fixed income, interest rates, foreign exchange, equities, energy and commodities. Founded in 1987 and headquartered in New York, GFI employs over 1,900 people globally..
The Shearman & Sterling team included partners David Connolly (New York-Mergers & Acquisitions), Laurence Levy(London-Mergers & Acquisitions), Matthew Readings (London-Antitrust), Michael Shulman (Washington, DC-Tax), Barney Reynolds (London-Financial Institutions Advisory & Financial Regulatory) and John Cannon (New York-Compensation, Governance & ERISA); counsel Simon Letherman (London-Tax), Jordan Altman (New York-Intellectual Property Transactions), Harald Halbhuber (New York-Capital Markets), and Lucy Keeble (London-Real Estate); and associates Andreas Piepers (New York-Mergers & Acquisitions), Katie Butler (New York-Mergers & Acquisitions), Alex Skelton (London-Mergers & Acquisitions), Denise Lum (London-Mergers & Acquisitions), George Milton (London-Antitrust), Jeffrey Tate (Washington, DC-Tax), Gabriel Ng (London-Tax), James Campbell (London-Financial Institutions Advisory & Financial Regulatory), Aysuria Chang (London-Financial Institutions Advisory & Financial Regulatory), Mark Pereira (New York-Intellectual Property Transactions), and Rebecca Lee (London-Real Estate); and international associates Orla McMahon (New York) and Mikito Ishida (New York).