The Athena Energy Group acquired by Royal Bank of Canada (RY on TSX and NYSE)
RBC acquires the Athena Energy Group to expand existing commodities business into Québec
Announces new name of RBC Natural Gas Services Inc.
Toronto, April 3, 2013 –Royal Bank of Canada (RY on TSX and NYSE) today announced that it has acquired the Athena Energy Group, a market leading natural gas supplier in Quebec. The acquisition expands RBC Capital Markets’ existing business, which offers structured pricing for natural gas supply, from Ontario into Quebec.
Terms were not disclosed.
“RBC is the leading Canadian bank offering structured contracts for natural gas supply directly to commercial clients, helping them manage their exposure to changes in energy prices. This acquisition builds on our existing presence in the market and positions us well for the future,” said Bruce Macdonald, Head of Commodities & Electronic Trading at RBC Capital Markets. “Athena has longstanding relationships with more than 400 commercial and institutional clients in Quebec, and its team will be able to leverage the strength in commodities and risk management of RBC to provide additional value to its clients.”
RBC Capital Markets’ Commodities Group provides leading international sales and trading capabilities across a variety of commodity markets (oil and gas, metals, agriculture, electricity and carbon emissions) in North America and Europe.
The Athena Energy Group was a privately-held business headquartered in St. Leonard, Quebec, consisting of two sister companies, Athena Energy Marketing Inc. and Athena Energy Services Inc. Effective immediately, the Quebec natural gas structured contracts business is renamed and will operate as RBC Natural Gas Services Inc.
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking arm of the Royal Bank of Canada, the fifth largest bank in North America by market capitalization. RBC Capital Markets is a premier investment bank that provides a focused set of products, services and expertise to corporations, institutional investors and governments around the world. With over 6,500 professionals in 15 countries, we deliver our products and services to clients in over 100 countries through operations across North America, Europe, and the Asia-Pacific region. For more information, please visit www.rbccm.com.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada’s largest bank as measured by assets and market capitalization, and among the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and wholesale banking on a global basis. We employ approximately 80,000 full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 49 other countries. For more information, please visit rbc.com.