TP Icap in advanced talks to buy US broker Axiom Commodity Group
TP Icap is in talks to buy US energy broker Axiom Commodities Group, with a multi-million pound deal expected to be signed as soon as this week.
The news that TP Icap is to acquire its smaller rival comes as the world’s largest energy broker prepares to publish its third quarter statement on Friday – the first set of results under new chief executive Nicolas Breteau.
Former chief executive John Phizackerley stepped down in July as the City broker issued a profit warning.
The current business was formed in 2016 with the merger of Tullett Prebon and Icap’s phone-based broking business.
In July chairman Rupert Robson commented: "The potential for these combined businesses remains extremely compelling and this will be evidenced in the coming years.
"However, it has become clear that a change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process."
Earlier this year the company bought New Jersey broker SCS Commodities for an undisclosed sum.
Texas-based Axiom Commodities was founded in 2006 and provides wholesale physical and financial brokerage services.