TP ICAP PLC (LON:TCAP) is in advanced talks to buy US energy broker Axiom Commodity Group, according to a report on the Financial Times’ website.
The newspaper said the two parties have been talking for several weeks, according to people with knowledge of the discussions, and added that a deal - expected to be in double-digit millions - could be announced as soon as this week.
READ: TP ICAP plunges as CEO quits amid warning that Brexit-related costs will see it missing 2018 profit expectations
Axiom is based in Houston, Texas, and brokers physical oil and pipeline capacity in the US. Earlier this year TP ICAP bought SCS Commodities, another US broker.
The UK interdealer broker is due to post third-quarter results on Friday, the first under the leadership of new chief executive Nicolas Breteau.
Breteau replaced John Phizackerley who quit in July after the financial group warned that Brexit-related costs will see its 2018 underlying operating profit miss analysts' expectations.
The FTSE 250-listed firm also cut its cost-saving target to £75mln from £100mln annually by the end of 2019, blaming ongoing investment needs in "the light of the evolving industry landscape".