Freepoint Commodities To Acquire JPMorgan Chase & Co.'s J.P. Morgan Concentrates Business

JPMorgan Chase & Co. announced that Freepoint Commodities LLC, has entered into a definitive agreement to acquire J.P. Morgan Metals & Concentrates LLC, merchant of physical base metal concentrates and copper cathodes. Under the terms of the transaction, Freepoint will acquire 100% of the equity of the business from J.P. Morgan Ventures Energy Corporation, a subsidiary of JPMorgan Chase & Co. Upon the consummation of the transaction, the name of the acquired company will be changed to Freepoint Metals & Concentrates LLC. Employees of J.P. Morgan's concentrates business, who are based in Stamford, Connecticut and Asia, will join Freepoint's growing physical commodity trading business. J.P. Morgan Securities acted as exclusive financial advisor to J.P. Morgan Ventures Energy Corporation in this transaction. Terms of the transaction were not disclosed.