Commodity broker Marex has agreed to buy rival ED&F Man Capital Markets to boost its metals business and expand in fixed income and equities, Marex said on Monday.
A source close to the situation said the takeover by Marex, one of the world's largest privately-owned commodities brokers, was worth $220 million.
The two brokers said in early July they had entered into exclusive talks about the transaction, which leaves the London Metal Exchange with one less ring-dealing member.ED&F Man Capital Markets , the financial services division of ED&F Man Group, has 450 employees globally and posted over $235 million of revenues in 2021. Marex had $543 million in revenue last year.
"This acquisition creates a more competitive, diversified and resilient firm," Marex Chief Executive Ian Lowitt said.
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