A UK appeals court has upheld a ruling by competition authorities that Intercontinental Exchange must sell Trayport, an energy software trading platform it bought for $650m more than a year ago.
The Competition Appeal Tribunal said late on Monday it backed a ruling by the UK antitrust watchdog that the deal could curb competition in the European energy trading market.
The Competition and Markets Authority’s ruling against ICE last October was the first time the CMA had demanded a company sell an asset it had already bought since the watchdog replaced the merged Office of Fair Trading and Competition Commission in 2014.
In a statement on Monday ICE said it was disappointed by the CAT ruling. “We will review the CAT’s judgment and consider our options, including the possibility of a further appeal to the Court of Appeal,” it said.
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