J.P. Morgan to Acquire UBSí Canadian Energy and Global Agricultural Businesses
New York.- J.P. Morgan announced today that it will acquire UBS Commodities Canada Ltd., the Canadian energy operations of UBS AG, as well as the firmís global agricultural business. Terms of the acquisitions, which are expected to close during the first quarter of 2009, were not disclosed.
With operations and employees based in Calgary, UBS Commodities Canada Ltd. will become an indirect wholly-owned subsidiary of J.P. Morgan. The acquisition will allow J.P. Morgan to immediately expand its presence in the Canadian natural gas, power and crude oil physical and financial markets, while further expanding the investment bankís overall Canadian client franchise. J.P. Morganís Calgary office will be run by Brian Cumming, a managing director with extensive experience in the commodity markets. Mr. Cumming was most recently based in J.P. Morganís London office.
J.P. Morgan will also acquire UBSí global agricultural business, which includes a London-based trading and marketing team. The addition of UBSí business will expand J.P. Morganís client franchise and risk management capabilities across agricultural products.
ďWe continue to take advantage of opportunities that will further enhance and diversify our global commodities business,Ē said Blythe Masters, head of Global Commodities at J.P. Morgan. ďThe addition of these businesses and talented teams further expands our North American energy franchise and provides further depth to our growing agricultural and soft commodities platform.Ē
J.P. Morganís Global Commodities division has grown significantly over the past two years, both organically and through acquisitions. During that time, J.P. Morgan has hired more than 100 trading, sales and marketing professionals across the regions. Earlier this year, J.P. Morgan acquired two key commodity franchises, ClimateCare and Bear Energy. ClimateCare is a carbon-offset company that originates and trades carbon emission reduction offsets in both the compliance and voluntary markets.
Bear Energy was a large physical and financial U.S. power and gas franchise based in Houston that J.P. Morgan obtained as part of the larger Bear Stearns acquisition.
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