Australian investment bank Macquarie Group has agreed to acquire Cargill’s North American power and gas business for an undisclosed sum.

The deal is expected to complete in the second half of this year.

With offices in Calgary, Houston and Minneapolis, the divested business is involved in the trading, transporting and selling electricity and gas in North America.

With around 100 employees in North American strategic energy hubs, the divested business supplies energy to around 200 Cargill plants.

The business also delivers risk management solutions, including proprietary hedging products for multiple energy commodities

Cargill energy, transportation and metals president David Dines said: “Cargill’s power and gas business has built and maintained strong relationships with customers across the North American power grid and gas line system for 20 years.

“Macquarie has long-standing financial services expertise and a dedicated focus on the global energy sector. We believe it can effectively lead this business into the future."

Macquarie Group commodities global head Nick O’Kane said: “The acquisition of Cargill’s North America Power and Gas trading business expands the geographic and service coverage in key markets for Macquarie in the region.”

In March this year, Cargill agreed to divest its petroleum business to Macquarie Group for an undisclosed price.

With a presence in the crude and products markets across the world, Cargill Petroleum maintains offices in Geneva, Minneapolis, Houston, Singapore and Shanghai.

For energy industry, Cargill provides hedging strategies that use derivatives in petroleum, petroleum-based products, petrochemicals, olefins and polymers, and more than 60 other energy, agriculture and metals commodities