NEW YORK ( TheStreet) -- Future exchanges operator IntercontinentalExchange ( ICE - Get Report) said Friday it has agreed to buy Climate Exchange in a deal that values Climate Exchange at about 395 million pounds ( $604 million).

Under the terms of the deal, Climate Exchange shareholders will receive 7.50 pounds in cash for each share in Climate Exchange held at April 30. The transaction consideration will include $220 million that has been drawn from ICE's existing credit facilities, and the remainder from existing cash resources.

The transaction is expected to be accretive to ICE's earnings in 2011 and slightly dilutive to earnings for the balance of the current year, following an anticipated closing at the end of July 2010.

Climate Exchange operates the European Climate Exchange, the Chicago Climate Exchange and the Chicago Climate Futures Exchange. ICE, through its wholly-owned subsidiary IntercontinentalExchange Holdings, acquired a 4.8% stake in CLE on June 22, 2009, for 6.45 pounds a share.

-- Reported by Andrea Tse in New York

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