JPMorgan Hands Commodities Biz To Mercuria In $3.5B Deal

Law360, New York (March 19, 2014, 12:34 PM EDT) -- JPMorgan Chase & Co. said Wednesday it has reached a deal to sell its physical commodities business to trading house Mercuria Energy Group Ltd. for $3.5 billion in cash, ending months of speculation about the deal.

The deal confirms reports that Mercuria had emerged as the leading bidder for JPMorgan's physical commodities business, one of Wall Street's main oil, gas and metals desks, early last month. The all-cash transaction is expected to close in the third quarter of this year and is not expected to have...
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