JPM in $1.7bn deal to buy RBS Sempra units

JP Morgan Chase & Co has agreed to buy the non-US assets of commodities joint venture RBS Sempra from Britain's Royal Bank of Scotland and Sempra Energy for about $1.7 billion (Dh6.24bn) in cash.

JP Morgan yesterday said it would take the global oil, global metals and European power and gas assets in a deal expected to close in the second quarter. RBS Sempra will retain its North American gas and power businesses, and the two joint venture partners remain in talks over "strategic options" for those businesses.

Sempra Energy owns 49 per cent of RBS Sempra, and RBS owns the remaining 51 per cent. Sempra said its share of the sale proceeds was expected to be about $940 million.

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