Clarkson buys crude brokerage firm Link Group in $80 million deal
Clarkson PLC on Wednesday said it has acquired North American physical crude and derivatives oil brokerage business and data provider Link Group in an all-cash deal.
The deal, worth $80 million and funded from Clarkson’s own resources, includes the three companies forming Link Group, Link Crude Resources LLC, Link Data Services LLC, and Link Futures LLC.
The London-based provider of shipping services said the acquisition marks a significant step in growing its physical commodities capabilities and is useful to expand its presence in the Americas.
Link Group has expertise in physical and derivatives brokering, and has a portfolio of customers which includes trading firms, refineries, hedgers, and producers in the US and Canada it serves to execute deals and implement hedges.
Clarkson noted that with West Texas Intermediate now being part of the Brent pricing complex, market participants are increasingly using futures contracts on the Chicago Mercantile Exchange ‘to hedge WTI price and cargo exposure, and Link is the leading broker in the physical WTI market across West Texas and the US Gulf Coast’.
Clarkson said the acquisition will strengthen its abilities across the full spectrum of physical commodities and linked derivatives, augment its data capabilities, and diversify its product offering.
Clarkson expects Link Group to contribute positively to its results immediately by enhancing earnings.
Clarkson Chief Executive Officer Andi Case said: ‘This acquisition is a clear demonstration of our commitment to enhancing our investment in cargo and its journey while also expanding our presence in the Americas...The team at Link is highly talented and well-respected, and together we believe we can achieve significant growth synergies’.
Link Group President and incoming CEO Garth Roe said: ‘This partnership creates exciting opportunities to expand our market reach while maintaining the entrepreneurial culture and client focus that have driven our success in North American markets’.
Clarkson shares were up 0.7% to 4,696.57 pence each on Wednesday afternoon in London.
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