January 8, 2018 / 9:29 AM / a year ago

TP ICAP buys U.S. energy and commodities broker SCS

(Reuters) - TP ICAP Plc (TCAPI.L), the world’s largest interdealer broker, said it had bought SCS Commodities Corp, a U.S. energy and commodities broker for an undisclosed sum.

TP ICAP, which brings together buyers and sellers in financial, energy and commodities markets, said SCS dealt with crude oil futures, soft commodities, petroleum and refined products, natural gas options and crude oil options.

The business, founded in 1991 and headquartered in New Jersey, was being sold by five partners and a corporate entity, TP ICAP said.

SCS will become part of TP ICAP’s energy and commodities division, the British firm said adding that SCS reported revenue of $14.3 million and a pretax profit of $0.8 million in 2016.

TP ICAP reported a 1 percent fall in third-quarter energy and commodities revenue in November, with market conditions remaining particularly challenging in power and commodities.

The company also said then its finance director was leaving and flagged a challenging outlook for the final quarter of 2017.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier

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