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ICE Agrees to Acquire BGC's Trayport for $650 Million

Intercontinental Exchange Inc., which owns futures markets and the New York Stock Exchange, agreed to buy Trayport from BGC Partners Inc. for $650 million in stock, adding a key piece of infrastructure in the European energy trading industry.

The technology developed by London-based Trayport, which ICE is buying in exchange for 2.5 million shares, helps brokers and energy producers trade power, natural gas and coal products in Europe. ICE already dominates European energy trading given its control of markets for refined products, natural gas and Brent crude oil, the primary global benchmark for oil. Trayport expands its reach in the less-regulated over-the-counter energy markets.

“Trayport is a valuable asset in the energy space," Chris Allen, an analyst at Evercore ISI, wrote in a note to clients after the sale was announced Monday. "The asset adds incremental market data...