Marex announces Edgemere Terminals acquisition, steps into physical metals warehousing

Marex

14/05/2025 11:41

May 14 (Reuters) - Marex Group announced on Wednesday that it has recently acquired Edgemere Terminals Limited, a warehousing business registered with the London Metal Exchange.

The 148-year-old exchange, owned by Hong Kong Exchanges and Clearing Ltd. 0388.HK, last year increased its capital adequacy requirements to a minimum of 5 million pounds ($6.67 million) from 1 million pounds previously, for the warehouse companies in its network of 33 locations.

Additionally, the LME raised the minimum level of insurance indemnity required for warehouses to 1 million pounds from 500,000 pounds previously.

In late March, Reuters reported the acquisition, citing sources who said that Edgemere lacked the funds to meet the new requirements. Financial details were not known, the sources said.

"This acquisition completes our LME offering, and means we can support clients across the full lifecycle of their metals trading and logistics needs," said Marex President Simon van den Born.

($1 = 0.7499 pounds)

 (Reporting by Ashitha Shivaprasad in Bengaluru, Editing by Louise Heavens)

 ((Ashitha.Shivaprasad@thomsonreuters.com;))