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J.P. Morgan Announces Buyer for Physical Commodities Business
JPMorgan Chase & Co. announced that it has reached a definitive agreement to sell its physical commodities business to Mercuria Energy Group Limited, a global energy and commodities trading company, for $3.5 billion.
The all cash transaction is expected to close in the third quarter of 2014, subject to regulatory approvals.
Following the sale, J.P. Morgan will continue to provide traditional banking activities in the commodities markets, including financial products and the vaulting and trading of precious metals. The firm will also continue to make markets, provide liquidity and risk management, and offer advice to global companies and institutions around the world.
The transaction is not expected to have a material impact on JPMorgan Chase's earnings.
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March 20, 2014
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Reporting by Karen Abbott • kabbott@energychoicematters.com
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