JP Morgan Chase Subsidiary Puts In Winning Bid for EcoSecurities PLC
The battle for EcoSecurities PLC looks to be over, with a unit of JP Morgan Chase claiming victory with its £1.05 ($1.71) per share offer for the Irish carbon emission reduction and trading firm.
New York-based Carbon Acquisition Co., a JP Morgan subsidiary, expected to acquire 80 percent of EcoSecurities shares as of last Friday, according to a release from the company.
The deal, which values the company at £129 million, will be completed in December and the company will continue to operate under its brand.
EcoSecurities CEO Bruce Usher plans to step down once his successor is appointed, but will remain a member of EcoSecurities Board of Directors for a transition, according to the release.
BusinessGreen has the background on the bidding war for EcoSecurities, which saw company co-founder Pedro Moura Costa putting up a hostile bid of 90 pence per share through his new vehicle, Guanabara Holdings, probably named after the iconic bay in Rio de Janeiro, see here.
JP Morgan has now strengthened its position in the emerging carbon reduction market.
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