Six months after announcing plans to sell its physical commodities business, JPMorgan Chase is close to a final deal, according to a source familiar with the matter.
Final offers from Blackstone, Macquarie, and a Stamford, Conn. based investment company called Castleton Commodities International are due next week, the source said, and JPMorgan executives are hoping to make a final decision by the end of January.
It isn't yet clear how many of JPMorgan's physical assets the eventual buyer will take on, nor what the price would be. But people familiar with the bank's commodities unit estimate the sale price at between $1.5 billion and $2 billion, based on the assumption that no buyer would purchase the entire suite of holdings on offer. (In initial deal documents, JPMorgan valued the sum of its physical commodities holdings at about $3.3 billion.)