Engelhart Commodities Trading Partners has agreed to buy energy and technology company Trailstone Group to strengthen its global power and gas trading platform, the company said on Monday.
Engelhart will buy Trailstone, which offers services to help manage the variability of renewable power generation for asset owners, operators and grid infrastructure, from private equity firm Riverstone Holdings.
Reuters first reported talks of the deal in March.
Trailstone is also active in trading power, natural gas and environmental products across North America, Europe and Asia.
Engelhart declined to disclose financial details of the deal.
The acquisition remains subject to regulatory approval but is expected to take place in the third quarter of this year, Engelhart said.
Engelhart is a global commodities business that trades in power, gas and oil markets and is also active in agricultural markets and freight.
In May, Chase Allen, a top Texas power trader, departed Trailstone after nearly a decade at the company, Reuters reported.
Source: Reuters.com