The energy arm of interdealer broker ICAP has agreed to buy Sun Commodities, a leading broker of European biodiesel and alternative fuels, for an undisclosed sum.
The acquisition, which ICAP says is subject to certain conditions being fulfilled, "marks an expansion for ICAP Energy into European alternative fuels, while also signalling a further step in the broking of physical commodities."
Sun Commodities, based in Geneva, was founded in 2008 and had gross asset valued at $803,000 on December 31st 2010.
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"The increased use of biofuels and persistently high prices for traditional fuels is driving renewables centre stage. Sun Commodities is an important add-on for ICAP Energy, as we expand our alternative fuels service within the European marketplace," according to ICAP Energy's Managing Director Paul Newman.
ICAP Energy already offers alternative fuels broking for swaps and futures on US and Brazilian ethanol from its offices in Louisville, Kentucky and So Paulo, Brazil.
Shares were trading 1.03% higher at 391.5p in mid-morning trade in London.
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