April 30, 2010 / 7:00 AM / 9 years ago

UPDATE 1-ICE buys Climate Exchange for 395 mln stg

* Agrees to pay 750 pence a share, a 57 pct premium

* Will create single carbon emissions trading platform

* ICE says deal will be earnings dilutive for 2010

(Adds details)

LONDON, April 30 (Reuters) - Futures exchange group Intercontinental Exchange Inc (ICE.N) said it agreed to buy Climate Exchange CLIE.L for 395 million pounds ($606.7 million) to create a single trading platform for environmental contracts worldwide.

Shareholders in Climate Exchange, the operator of the European, Chicago and Chicago Futures climate exchanges, will receive 750 pence a share in cash, representing a 57 percent premium on Thursday’s closing price, ICE said in a statement on Friday.

ICE, which already provides technology and clearing services to Climate Exchange, said it would combine the British company’s emissions markets with its own futures and energy markets.

ICE Chairman and CEO Jeffrey C. Sprecher said: “The leadership that Climate Exchange has shown in establishing market standards in Europe, and increasingly the U.S. and Asia, has driven its success, and we see continued growth opportunities within these nascent markets globally.”

Atlanta, Georgia-based ICE said the deal would slightly reduce earnings for the remainder of 2010, but would add to earnings from 2011.

Reporting by Paul Sandle; Editing by Julie Crust

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