Mercuria Closes Acquisition of J.P. Morgan Chase Physical Commodities Business

“When we founded Mercuria 10 years ago, it was our goal to develop a global energy-focused commodities group,” said Marco Dunand, Chief Executive Officer of Mercuria. “This acquisition helps to bring that vision to reality by building upon our physical power, gas and oil operations in North America and by adding to our client base. J.P. Morgan’s talented professionals and physical assets in the power and gas markets are highly complementary to the group’s existing activities and assets.’’

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.

More than 1,000 people are operating from offices worldwide to sustain the Group’s extensive business reach with their market knowledge, diversity, and experience.

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.

“This highly complex transaction has been made possible by building Mercuria’s management team over recent years,” added Dunand. ‘’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.”

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.