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(Bloomberg) — Citadel agreed to buy German power-trading company FlexPower as the hedge fund giant extends its global reach in the booming natural gas and power markets.

The deal, the value of which was undisclosed, is slated to close before the end of the year, Citadel said in a statement. CFP Energy, which currently finances FlexPower, will sell its entire stake as part of the agreement.

Hamburg-based FlexPower specializes in trading and risk management for a range of customers, including renewable-energy producers and battery operators. The company’s team, which comprises about 60 people, will remain intact and continue to be based in Germany and New Zealand after the deal is completed.

Citadel has become a behemoth in commodities market

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