Marex Spectron to acquire leading Irish energy brokerJanuary 23, 2019
23 January 2019 – Marex Spectron, the global commodities broker, today announced an agreement to acquire Energy Broking Ireland Limited (‘EBI’), a leading Irish energy broker. The deal is expected to complete in February.
Dublin-based EBI was established in 2015 to offer an over the counter broking service to wholesale buyers and sellers of gas at the Irish Balancing Point (IBP), using an electronic trading platform and the option of voice broking. Today, almost all of the largest buyers and sellers of gas in Ireland trade on the EBI platform.
EBI will add to Marex Spectron’s existing energy business, which has a leading share across multiple energy markets, and teams based in London, New York, Houston, Connecticut, Calgary, Singapore, Oslo and Frankfurt.
Upon completion, EBI will be part of Marex Spectron’s new Dublin entity, Marex Spectron Europe Limited.
Ian Lowitt, CEO of Marex Spectron, commented: “We are delighted to add Energy Broking Ireland to our energy business. We are growth orientated and keen to grow into adjacent spaces where we see good new opportunities. With EBI not only do we gain a quality team with exciting plans, we also expand our European coverage into the Irish gas and power markets.”
Dermot O’Kane, EBI Director, added: “This is an exciting development for our business that will allow us to further expand our existing spot gas broking services. With the Irish energy market changing, there are new opportunities, so it is important to have the experience and strength of a global group to offer a broader range of products and services to both existing and new customers in Ireland.”