LONDON (Reuters) – London-based Marex, one of the world’s largest privately owned commodities brokers, said on Monday that it had acquired Hong Kong-based recycled metals trading firm Global Metals Network (GMN) to expand business in the sustainability-focused sector.
Marex did not disclose the price of the deal.
Marex, which is considering an initial public offering (IPO) of its shares in future, already owns London-based firm Tangent Trading, which is focused on trading copper and other non-ferrous scrap metals.
Its purchase of GMN will expand client coverage in Asia for Marex’s recycled metals business, which benefits from demand for environmental products that support the green energy transition and low-carbon footprint.
“It is a good strategic fit with our existing recycled metals business, Tangent,” Marex CEO Ian Lowitt said in a statement.
In 2022, Marex generated a net revenue of $701.5 million with $26 million coming from its environmental products business.
(Reporting by Polina Devitt; editing by Jason Neely)