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Global financial services platform the Marex Group has acquired Spanish biofuels company Dropet.

The acquisition gave Marex additional capabilities in physical biofuel products and was in line with its strategy to increase the scale, diversification and global footprint of its portfolio, the company said on 1 October.

“By extending our geographic footprint, our product range and our client base, we further diversify the firm. The acquisition expands our global … offering and is a good strategic fit with our existing biofuels business,” Marex’s global head of OTC Energy Matthew Thistle said.

Following the acquisition, Dropet CEO Almudena Berrocal said the company would continue to operate as Dropet, a division of Marex.

London-headquartered Marex Group provides liquidity, market access and infrastructure services to clients across energy, commodities and financial markets.

Dropet provides services for both physical and paper biofuels products across Europe, Latin America, the Middle East and Africa and also holds an annual biofuels conference.