Represented MOAB Oil, Inc., a leading independent broker of physical and financial instruments in the energy markets, in connection with its sale to London-based Tullett Prebon plc.

In July 2015, MOAB Oil, Inc., a leading independent broker of physical and financial instruments in the energy markets, was sold to London-based Tullett Prebon plc, one of the world’s leading interdealer brokers with offices in 24 countries. MOAB’s expertise includes physical gasoline, gasoline blending components, oil product swaps, ethanol, ethanol derivatives, natural gas financial derivatives, crude oil, distillates, weather and power products. The transaction involved initial cash consideration consisting of US$12.3 million plus an amount equal to the working capital in the business, and performance-related consideration payable over five years after closing with an initial fair value estimated to be US$14.3 million. A Seward & Kissel team led by counsel Nick Katsanos and partners James Abbott, Jonathan Brose and David Mulle, and including associates Danielle Lemberg, Julia Spivack and Amit Raviv, represented MOAB and its shareholders in this transaction.