A London-based commodities dealer managed by a gaggle of former Lehman Brothers executives will this week clinch a takeover of a serious business peer.
Sky News has learnt that Marex Group will announce on Monday that it has reached an settlement to purchase ED&F Man Capital Markets from ED&F Man Holdings.
The buy worth is known to be roughly $220m, a banking supply stated this weekend.
The transaction will probably be an essential one for Marex, which had been drawing up plans to drift on the London Stock Exchange final yr however aborted the transfer owing to tough market circumstances.
A revival of its plans within the medium time period is a powerful chance, City sources consider.
Absorbing ED&F Man Capital Markets will bolster Marex by extending its operations within the US, in addition to within the Middle East and Asia.
Combining the companies may also cement Marex’s clearing actions and add to its metals franchise, in addition to its fixed-income and equities operations.
ED&F Man Capital Markets has roughly 450 workers – nearly all of whom are primarily based within the US – who will switch over to Marex.
The takeover is predicted to be accomplished by the tip of the yr, topic to the approval of regulators, one supply stated.
Marex is managed by JRJ group, the founders of which included Jeremy Isaacs and Roger Nagioff, who had been amongst Lehman’s most senior and revered executives.
A spokesman for Marex declined to remark.
Source: information.sky.com”