SGX

SGX: acquires 49% of Spore-based Energy Market Company (EMC) for $17.6m and a deferred consideration of up to $2m over 3 yrs. EMC is the operator of the National Electricity Market of Singapore (NEMS), the local mkt for wholesale electricity trading and the first such liberalized mkt in Asia. The acq marks SGX’s entry into the electricity sector, expanding its current portfolio of energy pdts and OTC clearing services. SGX will also be well-placed to pioneer electricity and related derivatives. The acq is expected to have a marginal positive impact on SGX’s FYJun13 financials. SGX trades at 24.8x P/E.