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Barclays snaps up carbon emissions trader Tricorona for £98 million in cash

Barclays snaps up carbon emissions trader Tricorona for £98 million in cash

Retail and investment banking giant Barclays (LON:BARC) is snapping up Stockholm listed carbon trader Tricorona AB for £98 million in cash.

Barclays is already a big player in trading Certified Emission Reductions (“CERs”), but said the bolt on transaction would further build on it’s already ‘strong reputation’ in the carbon markets and position it as the global leader for origination and trading.

Stockholm listed Tricorona specialises in the sourcing, development and trading of CERs from greenhouse gas reduction projects in developing countries.  Barclays is offering SEK 8.00 per share - a 40% premium to the company’s share price at the close of trading yesterday. Approximately 20% of Tricorona shareholders have already agreed to vote in favour of the offer.

Barclays added that the transaction would be earnings accretive with one year.

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