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Carlyle and Bacon to sell metals trader

Carlyle Group and Louis Bacon, founder and CEO of hedge fund firm Moore Capital Management, are to sell commodity trader Traxys to a group of investors led by high-frequency trading firm Optiver, according to a report by Bloomberg.

Dutch firm Optiver is a specialist market maker in liquid electronic markets including exchange-traded funds, while Traxys is a mid-sized physical trader with a focus on metals like rare earths, cobalt and tin. According to Traxys’ chief executive officer Mark Kristoff, the deal could see the company partner with Optiver to develop new derivatives markets for those niche metals.

The deal, which is expected to close in May, means that Traxys will no longer be owned by private equity investors for the first time since it was formed in 2003 via a combination of the trading units of European industrial giants Umicore and Arcelor.

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