IntercontinentalExchange (ICE), an operator of regulated derivatives exchanges and over-the-counter (OTC) markets in the US, has completed its acquisition of Climate Exchange, an operator of exchanges to facilitate trading in environmental financial instruments in the UK.

Under the previously announced terms of the acquisition, Climate Exchange shareholders will receive GBP7.50 in cash for each share of Climate Exchange, valuing the entire existing issued and to be issued share capital of Climate Exchange at approximately $597m.

Climate Exchange is now a wholly-owned subsidiary of ICE, operating under Climate Exchange’s respective brand names.

Jeffrey Sprecher, chairman and CEO of ICE, said: “ICE’s acquisition of Climate Exchange is the culmination of a long-standing and productive partnership between our companies. With a track record of developing innovative, market-based solutions for emissions markets, Climate Exchange is a natural partner and complements our global energy business. Moving forward together, we will continue working to address the opportunities in the evolving emissions markets.”

Richard Sandor, founder of Climate Exchange, said: “This is a great moment for Climate Exchange stockholders and customers, and for the future of emissions markets as we move forward with greater scale and additional resources. I look forward to working closely with ICE’s leadership to realize the full potential of our global emissions markets.”