Automated Power Exchange (APX), which provides online markets for the electric power industry, has completed its acquisition of M3 Kraft, one of the fastest growing electricity power brokers in Norway.
This acquisition boost volume on APX as it competed with leading exchange NordPool to be the worlds largest centre for energy trading. M3 Kraft, which has over 20% of the business in the Scandinavian over-the-counter markets, will continue to be run by the existing management, but will operate as a subsidiary of APX.
"M3 Kraft is a very successful company with the highest volume of matching of contracts per person of any power broker in the world", said Per Hjorth, APX senior vice-president and managing director of Europe, formely chief executive of Nordpool. "It will bring tremendous liquidity to our exchange operation and establishes a model from which we intend to build services throughout Europe. The combination with APX will allow a larger range of services to be offered to M3 Kraft customers, through the availability of online exchange and clearing services. It can only serve to build on M3 Krafts outstanding reputation for service".
The purchase also gives APX a foothold from which to enter the German market, where M3 Kraft plans to expand the broking and sales operation.