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    388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

(388)
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Delayed Hong Kong Stock Exchange  -  04:08 2022-09-28 am EDT
273.40 HKD   -2.64%
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Marex to buy ED&F Man Capital Markets for $220 million in expansion drive

08/01/2022 | 06:00am EDT
FILE PHOTO: Traders work on the floor of the London Metal Exchange

LONDON (Reuters) - 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 (LME) with one less ring-dealing member.

ED&F Man Capital Markets (MCM), 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.

The deal has resulted in the LME losing a member that operates in its ring, the last open-outcry trading floor in Europe, bringing the number down to eight.

Both brokers have special teams of ring traders, but only one team will be needed by the merged operation.

Marex said the takeover would expand its presence in Dubai, the Asia Pacific region and create a U.S. franchise. It is expected to be completed by the end of the year.

ED&F Man said the sale of MCM would allow it to focus on its core business of soft commodities.

"We are therefore confident that this change in ownership will be to the benefit of all our stakeholders," said Jade Moore, group executive director of ED&F Man.

Marex, which withdrew an initial public offering last year, said in April it was still keen to list on the market and was awaiting calmer conditions before a possible relaunch.

Marex is majority-owned by private equity firm JRJ Group and its partners, Trilantic Europe and BXR Group, which bought stakes in the broker in 2010.

(Reporting by Eric Onstad; Editing by Sandra Maler and Mark Potter)

By Eric Onstad


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HONG KONG EXCHANGES AND CLEARING LIMITED -2.64% 273.4 Delayed Quote.-38.34%
MAN GROUP LIMITED -0.94% 232.6 Delayed Quote.3.12%
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Financials
Sales 2022 18 699 M 2 382 M 2 382 M
Net income 2022 10 715 M 1 365 M 1 365 M
Net cash 2022 21 149 M 2 694 M 2 694 M
P/E ratio 2022 32,6x
Yield 2022 2,82%
Capitalization 346 B 44 077 M 44 077 M
EV / Sales 2022 17,4x
EV / Sales 2023 13,0x
Nbr of Employees 2 146
Free-Float 94,1%
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Mean consensus BUY
Number of Analysts 27
Last Close Price 273,40 HKD
Average target price 402,08 HKD
Spread / Average Target 47,1%
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Managers and Directors
Alejandro Nicolas Aguzin Chief Executive Officer & Executive Director
Bik Yun Lau Group Chief Financial Officer
May Lung Cha Non-Executive Chairman
Chung Kwong Leung Group Chief Technology Officer
Trevor William Spanner Group Chief Information Officer
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