Nomura to buy European operations of Nexan

Japanese financial services major Nomura today said it will buy the natural gas and power trading business of Canada-based Nexen Inc in a move to boost its presence in commodities trading.

Nomura, which took control of Lehman Brothers' Asian and European units, said it has entered into a binding agreement to acquire Nexen Energy Marketing London Ltd (NEML), a statement said.

However, the company did not specify the size of the deal.

NEML has trading business in the UK, Belgium, the Netherlands and Germany and access to natural gas storage and transportation capabilities.

NEML, which is listed in Canada and the US, is a wholly- owned subsidiary of Nexen Inc.

 

"The acquisition of NEML will immediately provide Nomura with a power and gas business in Europe and presence in our key focus European markets," Head of Commodities in Europe, the West Asia and Africa EMEA Jason Tudor said.