Bunge to acquire UK’s Climate Change Capital
23 Feb 2012
US-based $46 billion agriculture and food conglomerate Bunge Ltd yesterday said it would buy UK-based Climate Change Capital (CCC), for an undisclosed sum after the transaction was approved by the UK's financial regulator earlier this week.
The transaction, which is expected to close in the coming weeks, was announced only after it was approved by the UK's Financial Services Authority (FSA) on 20 February, and CCC's shareholder approval.
London-based CCC is a low carbon investment firm that manages investments in companies, projects and technologies that provide products or services facilitating climate change mitigation or adaptation.
Its asset management group has focused on four asset classes, carbon finance, private equity, property and energy infrastructure.
CCC also provides financial, strategic and policy advice to energy-intensive industries, financial institutions, clean technology companies and governments.
James Cameron, CCC's founder and a member of the UK government's Business Advisory Group, will stay on and lead the company.
CCC, which manages about $1.5 billion worth of funds, has recently suffered heavy losses because of the economic crisis in Europe, home of the world's largest carbon market.
Bunge is paying much below CCC's worth, which was valued at around £100 million nearly three years ago.