The firm has announced a mostly cash deal to purchase OTC Global Holdings.
With this acquisition, the company aims to expand its global energy and commodities reach.
Finance Magnates
BGC Group, Inc. announced it has entered into an agreement
to acquire OTC Global Holdings, LP (“OTC”). According to the news release, OTC is the largest
independent institutional energy and commodities brokerage firm. The
acquisition will help BGC expand its Energy, Commodities, and Shipping (ECS)
business.
Acquiring OTC Global Operations
OTC operates globally across North America, Europe, and
Asia. Its services cover crude and refined products, petrochemicals, natural
gas, and ship brokerage. BGC views OTC’s product offerings as complementary to
its ECS business, aiming to create a broader platform for the global market.
Howard Lutnick, Chairman and CEO of BGC Group, Source: LinkedIn
“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,” he further added. “We look forward to welcoming the OTC team
onto the BGC platform, combining our innovative solutions to drive greater
results for our clients.”
The deal is structured as a mostly cash transaction, subject
to regulatory approvals and customary closing conditions. Jefferies LLC is
acting as a financial advisor to OTC.
“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,” he continued. “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.”
As a result, the company now operates under the name BGC
Group, Inc., and its Nasdaq ticker symbol has changed from ‘BGCP’ to ‘BGC.’
This change also applies to the company's digital presence.
BGC Group, Inc. announced it has entered into an agreement
to acquire OTC Global Holdings, LP (“OTC”). According to the news release, OTC is the largest
independent institutional energy and commodities brokerage firm. The
acquisition will help BGC expand its Energy, Commodities, and Shipping (ECS)
business.
Acquiring OTC Global Operations
OTC operates globally across North America, Europe, and
Asia. Its services cover crude and refined products, petrochemicals, natural
gas, and ship brokerage. BGC views OTC’s product offerings as complementary to
its ECS business, aiming to create a broader platform for the global market.
Howard Lutnick, Chairman and CEO of BGC Group, Source: LinkedIn
“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,” he further added. “We look forward to welcoming the OTC team
onto the BGC platform, combining our innovative solutions to drive greater
results for our clients.”
The deal is structured as a mostly cash transaction, subject
to regulatory approvals and customary closing conditions. Jefferies LLC is
acting as a financial advisor to OTC.
“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,” he continued. “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.”
As a result, the company now operates under the name BGC
Group, Inc., and its Nasdaq ticker symbol has changed from ‘BGCP’ to ‘BGC.’
This change also applies to the company's digital presence.
Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023.
At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London.
Education:
Honours degree Information Technology, Anfell College, London
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