JPMorgan to acquire remaining RBS Sempra assets

11 October 2010

JPMorgan Chase is to acquire the remaining assets in the joint venture owned by Sempra Energy and the Royal Bank of Scotland (RBS) for $220 million.

According to the sellers of the venture, the transaction includes a number of gas and power agreements held in North America.

JPMorgan’s purchase is its second of assets from the RBS Sempra - earlier in the year the firm handed over $1.6 billion in exchange for the venture’s oil and global metals arms as well as its European natural gas and power units.

The sale of the assets is in line with the RBS strategy of streamlining its business to core assets following orders from European regulators after the bank relied on state aid to survive the financial crisis.

During September, the Noble Group agreed to acquire the retail commodity unit of RBS Sempra for $317 million.

Bruce Van Saun, RBS group finance director, commenting at the time, said: "The sale of the Sempra Energy Solutions business line out of our JV with Sempra Energy represents another step in divestiture of this asset as agreed with the European Commission.”

“Noble represents a strong strategic fit and a good home for this business,” he added.

By Jim Ottewill

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