Mercuria Energy Group has completed the acquisition of physical commodities unit of JPMorgan Chase & Co.
As part of the acquisition, Mercuria acquires Henry Bath, the historic metals warehousing, storage, and handling business.
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Mercuria will operate Henry Bath as a stand-alone subsidiary independent from its trading operations.
The acquisition will see JPMorgan employees moving to Mercuria’s trading hubs of Houston, London, Calgary, Greenwich, Connecticut and Singapore.
JPMorgan agreed to sell its physical commodities business to Mercuria for $3.5bn in March this year.
Marco Dunand, CEO of Mercuria, said: "By adding individuals like Magid Shenouda as global head of trading and Shameek Konar as chief investment officer, and other highly competent professionals, we are effectively scaling the Mercuria model with the completion of this acquisition. This enables us to further extend the range of services we offer to our clients and counterparties while balancing our global position."
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