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TP ICAP, the largest interdealer broker in the world, has today confirmed rumours that it has acquired Axiom Commodity Group, a US-based energy and commodities brokerage firm. The initial payment for the acquisition is $15.1 million in cash.
According to the regulatory filing, a further $3.1 million will be paid over three years and, depending on the performance of the business over this time frame, an extra $10.9 million will also be paid to the commodities broker.
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Following the acquisition, Axiom will become part of TP ICAP’s Energy & Commodities division. As ... (read more)