It has been confirmed that J.P. Morgan have agreed to purchase all of the shareholding of the defunct brokerage MF Global at a bidding process that involved a number of other companies.

KPMG, who are the administrators for MF Global, announced the sale but did not place a price on the transaction. The buy will see J.P. Morgan take control of all of the shareholding that the company had in the London Metal Exchange.

The company already had a 6.2% stake in the LME, which is the world’s largest metal marketplace, and altering their stake in the LME will see investors change strategy in how they deal with the group.

“We received a great deal of interest in the LME shares and are pleased to be in the final stages of concluding a sale,” said Richard Heis, joint special administrator of MF Global UK.

A source at the shareholder company commented “It’s a good price that they’ve paid. The question is are they looking at trying to make a quick profit or is it a much longer-term investment?”