In a move to bolster its presence in the Asia-Pacific region, TP ICAP, a provider of market infrastructure, has announced the acquisition of Aotearoa Energy, a New Zealand-based brokerage firm specializing in gas, power, and carbon markets.

The acquisition has aligned with TP ICAP's growth aspirations in both the region and the energy and commodities sector.

TP ICAP Expands Presence in New Zealand with Aotearoa Energy Acquisition

By integrating Aotearoa Energy into its portfolio, TP ICAP aims to enhance its market-leading Australian Power and Gas brokerage business while providing clients with access to the highly sought-after New Zealand Emissions Units (NZU) market.

Daniel Skipper, the Founder of Aotearoa Energy, will continue to lead the company post-acquisition, reporting to Kellee Campbell, the Divisional Director of Energy and Commodities for Australia and New Zealand at TP ICAP.

"This is a strategically important acquisition for ICAP, and indeed the wider TP ICAP Group, given our growth aspirations in both the region and sector,” said Campbell.

The collaboration between TP ICAP and Aotearoa Energy is expected to yield new products and services, such as facilitating access to NZ Financial Transmission Rights, which Aotearoa Energy currently offers to a select group of clients.

"TP ICAP's acquisition marks the next exciting chapter in Aotearoa Energy's journey of growth and innovation and aligns with our commitment to delivering exceptional brokering services to our customers,” added Skipper.

TP ICAP Ended 2023 with Profit

In addition to new collaborations, TP ICAP announced its financial results for 2023 in March and a new share buyback program. The company reported a net statutory profit of £74 million and an adjusted profit of £227 million. Despite a decline of 28.1% in the statutory profit, the adjusted figure saw a significant elevation of 17% compared to the previous year.

The company's strong performance has prompted its Board to recommend a final dividend of 10 pence per share, representing an improvement of 27% increase. In addition to the dividend uplift, TP ICAP has allocated £30 million to its share buyback program, demonstrating the company's confidence in its future prospects and commitment to enhancing shareholder value.

In February, TP ICAP's UK-based wholesale spot crypto asset exchange, Fusion Digital Assets, partnered with FalconX, an institutional digital asset prime broker. This collaboration aims to provide FalconX with access to competitive pricing and liquidity from TP ICAP's wholesale clients, leveraging Fusion Digital Assets' framework.