ICAP Shipping and Howe Robinson
London, 19 November 2014 – ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces that it is in discussions to combine ICAP Shipping with Howe Robinson Group Pte Ltd (“Howe Robinson”), the leading ship-broking group to create one of the world’s leading businesses in the sector. The newly formed ship-broking company is expected to be operational in the second quarter of 2015.
The combined entity will be well placed to meet the aspirations of its staff and to attract top class talent from across the industry. Howe Robinson and ICAP Shipping are highly complementary in terms of products and geographies. The combined entity will be able to better service the diverse needs of clients operating across multiple locations and market segments, now and in the future.
Howe Robinson was established in London in 1883. It has since grown into one of the largest privately owned dry-cargo and containership broking houses in the world, with a global network of 6 offices, employing over 150 employees. ICAP Shipping became a leading force in the ship-broking sector in 2007 with the acquisition of JE Hyde, followed by the purchase of Capital Shipbrokers the following year. ICAP Shipping employs 196 people across 10 offices.
There can be no certainty that any transaction will be successfully concluded. Further statements will be made as and when appropriate.
|Serra Balls||ICAP Group Head of Communications||+44 (0) 20 7050 7103|
|Alex Dee||ICAP Head of Investor Relations||+44 (0) 20 7050 7124|
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. For more information, go to www.icap.com.