Automated Power Exchange (APX) has acquired M3 Kraft, one of the leading electricity power brokers in Norway, in a move that will aid the company’s aim to take a commanding position in Europe.

The acquisition of Stavanger-based M3 Kraft, which has over 20 per cent of the Scandinavian over the counter (OTC) market, means APX is now one of the largest global electricity exchanges, second in volume only to Nordpool.

‘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 Peter Hjorth, APX’s md of European operations. ‘It will bring tremendous liquidity to our exchange operation and establish 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.’ The M3 Kraft acquisition coincides with the opening of APX’s London spot market and paves the way for futures and clearing services in the UK as and when the market demands them. It will also give APX an entrance into Germany where M3 Kraft plans to expand the broking and sales operation. The acquisition was made through a stock and cash for stock transaction. Terms of the deal are not being disclosed.