KUHN CAPITAL Sunday, February 25, 2018
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Energy Trading is... Baaaack!


TA Associates, a large Boston-based PE firm, announced today its purchase of about 65% of OpenLink for $100 million. Not a bad valuation for a company with about 300 employees. Even better, the deal puts energy trading back on the map after years of neglect in the shadow of the Enron and California energy trading debacles.

OpenLink offers a suite of energy and financial instrument electronic trading applications and interestingly, half the company's sales are derived from overseas clients, testimony to how trading thrives in markets less burdened with America's over-regulation of the industry.

TA follows other financial services vendors into the space: Last month brokerage firm Cantor Fitzgerald began trading oil and gas, and last September Bear Stearns did so as well in partnership with electricity generator and distributor Calpine.

Prior TA trading investments have included Ameritrade and Lava Trading.

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