NEW YORK, Nov. 16, 2018 /PRNewswire/ -- BGC Partners,
Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC" or "the Company"), a
leading global brokerage and financial technology company, today
announced that it has completed the acquisition of Poten &
Partners Group, Inc. ("Poten"), a leading ship brokerage,
consulting and business intelligence firm specialising in LNG,
tanker and LPG markets. Founded over 80 years ago and with 170
employees worldwide, Poten provides its clients with valuable
insight into the international oil, gas and shipping
markets.
Under the terms of the agreement, BGC acquired 100% of Poten,
which includes operations in New
York, London, Singapore, Houston, Athens, Guangzhou and Perth.
Management Comments
Shaun D. Lynn, President
of BGC Partners, commented on today's announcement: "We are excited
about this strategic acquisition, which is very complementary to
our current commodities offering. The addition of physical LNG, LPG
and tanker brokerage, and energy consulting capabilities will allow
BGC to expand its operations in the oil, gas and shipping sectors.
Poten's access to market intelligence and its highly regarded price
reporting and analytical products, including LNG, LPG and Asphalt
will also add to our existing energy and commodities suite of
market data solutions under Fenics Market Data".
Poten generated revenues of approximately $60 million in the financial year ended
December 31, 2017. The transaction is
expected to be immediately accretive. In addition to brokerage,
Poten provides value-added services including commercial advisory,
technical consulting, project due diligence and multi-client
reports.
Steven M. Garten, Chairman
and CEO of Poten & Partners said: "We are very excited to be
part of BGC and feel BGC is uniquely positioned to support us in
our next stage of growth. The combination of BGC and Poten will
enable us to accelerate this, both organically and through targeted
acquisitions."
Michael D. Tusiani, Chairman Emeritus of Poten &
Partners commented: "This relationship will provide us with an
exceptional platform for continued growth in our core business
areas and the ability for further expansion. I am happy for our
company, employees and clients because of the exciting
opportunities it will present".
Poten will be recorded as part of BGC's energy and commodities
business. Further details of the transaction were not
disclosed.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage and financial
technology company. BGC offers Real Estate Services through its
publicly traded subsidiary Newmark Group, Inc. (NASDAQ: NMRK)
("Newmark"), a leading full-service commercial real estate services
business. BGC's Financial Services offerings include fixed income
securities, interest rate swaps, foreign exchange, equities, equity
derivatives, credit derivatives, commodities, futures, and
structured products. BGC's Financial Services customers include
many of the world's largest banks, broker-dealers, investment
banks, trading firms, hedge funds, governments, corporations, and
investment firms. BGC, BGC Trader, GFI, Fenics, Fenics Market Data,
Capitalab, and Lucera are trademarks/service marks and/or
registered trademarks/service marks of BGC Partners, Inc. and/or
its affiliates. BGC's common stock trades on the NASDAQ Global
Select Market under the ticker symbol (NASDAQ: BGCP). BGC Partners
is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please
visit http://www.bgcpartners.com. You can also follow BGC at
https://twitter.com/bgcpartners,
https://www.linkedin.com/company/bgc-partners, and/or
http://ir.bgcpartners.com.
Discussion of Forward-Looking Statements about BGC and
Newmark
Statements in this document regarding BGC and Newmark that are
not historical facts are "forward-looking statements" that involve
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements. Except as
required by law, BGC and Newmark undertake no obligation to update
any forward-looking statements. For a discussion of additional
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements, see BGC's
and Newmark's Securities and Exchange Commission filings,
including, but not limited to, the risk factors set forth in these
filings and any updates to such risk factors contained in
subsequent Forms 10-K, Forms 10-Q or Forms 8-K.
About Poten & Partners Group, Inc.
Poten & Partners is a global brokerage, energy consulting
and business intelligence company with operations in New York, London, Singapore, Houston, Athens, Guangzhou and Perth. Poten provides
brokerage and research support for the transportation of crude oil,
refined products, liquefied natural gas (LNG) and liquid petroleum
gas (LPG). Through its team of LNG and natural gas
professionals, it is uniquely positioned to offer a full range of
services across the oil and gas supply chains, including commercial
advice, project development, financial guidance, technical due
diligence, supply procurement, market insight, tender support and
vessel chartering. As the world's oldest and largest
dedicated LNG consulting practice, Poten's global reach and
expertise is unmatched in the marketplace. Over the past
decade it has completed over 700 natural gas & LNG consulting
assignments for clients in 60 countries. Its flagship products,
"LNG in World Markets" and "Asphalt Weekly Monitor" are recognized
globally as the principal source of market information, analysis
and pricing for the liquefied natural gas and asphalt
industries. Poten also offers globally integrated commodity
brokerage services for naphtha, condensates, LPG and LNG. Its
customers include national and independent oil companies, traders,
banks, governments and shipowners. For information please
visit www.poten.com or
https://www.linkedin.com/company/poten-&-partners. You
can also follow Poten at https://twitter.com/potenandpartner.
Media Contact:
Harjeet
Singh
+44207894 8829
harjeet.singh@bgcpartners.com
Investor Contacts:
Ujjal Basu
Roy
+12128294988
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