Acquisition will bolster BGC's Energy, Commodities, and
Shipping business
NEW
YORK, Oct. 22, 2024 /PRNewswire/ -- BGC Group,
Inc. (Nasdaq: BGC), a leading global brokerage and financial
technology company, announced today that it has entered into an
agreement to acquire OTC Global Holdings, LP ("OTC"), the largest
independent institutional energy and commodities brokerage firm.
Through this acquisition, BGC Group will further expand and
diversify its global Energy, Commodities, and Shipping ("ECS")
business.
OTC is one of the fastest growing energy and commodities
brokerage firms, with global operations across North America, Europe, and Asia. Its brokerage services include crude and
refined products, petrochemicals, natural gas, ship brokerage, and
biofuels, amongst others. OTC's product suite and client base are
highly complementary to BGC's existing ECS business and will create
a comprehensive platform to serve the global energy and commodities
market.
"OTC has built a premier global energy, commodities, and
shipping business that is supported by world class
talent," said Howard
Lutnick, Chairman and CEO of BGC Group. "This
acquisition will complement our existing ECS business and will
enhance our ability to deliver a comprehensive, best-in-class
offering to our global client base. We look forward to welcoming
the OTC team onto the BGC platform, combining our innovative
solutions to drive greater results for our clients."
"BGC has an incredible offering with a proven track record of
growth and innovation," said Joe
Kelly, CEO of OTC Global Holdings. "We have built
something very special and unique at OTC. We look forward to
joining BGC's platform and believe that together we will become a
leading global broker for energy, commodities, and shipping
products, delivering unparalleled value to our clients
worldwide."
Under the terms of the agreement, BGC expects to acquire OTC in
a substantially all-cash transaction, which is subject to customary
closing conditions, including applicable regulatory approvals.
Jefferies LLC is acting as exclusive financial advisor to OTC
Global Holdings.
About BGC Group, Inc.
BGC Group, Inc. (Nasdaq: BGC) is a leading global marketplace,
data, and financial technology services company for a broad range
of products, including fixed income, foreign exchange, energy,
commodities, shipping, equities, and now includes the FMX Futures
Exchange. BGC's clients are many of the world's largest banks,
broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, and investment firms.
BGC and leading global investment banks and market making firms
have partnered to create FMX, part of the BGC Group of companies,
which includes a U.S. interest rate futures exchange, spot foreign
exchange platform and the world's fastest growing U.S. cash
treasuries platform.
For more information about BGC, please visit www.bgcg.com.
Discussion of Forward-Looking Statements about
BGC
Statements in this document regarding BGC 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. These
include statements about the Company's business, results, financial
position, liquidity and outlook, as well as about the proposed
acquisition of OTC (the "Acquisition") and the closing thereof, the
potential benefits of the Acquisition and the anticipated effect of
the Acquisition on BGC's business, which may constitute
forward-looking statements and are subject to the risk that the
actual impact may differ, possibly materially, from what is
currently expected. Except as required by law, BGC undertakes 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 Securities and Exchange
Commission ("SEC") filings, including, but not limited to, the risk
factors and Special Note on Forward-Looking Information set forth
in these filings and any updates to such risk factors and Special
Note on Forward-Looking Information contained in subsequent reports
on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE BGC Group, Inc.