BGC Partners, Inc. (NASDAQ: BGCP), a global brokerage company whose latitude extends to financial and real estate markets, has announced its latest merger and acquisition (M&A) activity, sowing up a deal that will see it acquire the businesses of Sunrise Brokers Group, an independent financial brokerage dealing with equity derivatives, according to a BGC Partners statement.
The acquisition is the first by BGC Partners in H2 2016, having gone through a relatively quiet fiscal year thus far. By acquiring Sunrise Brokers, BGC Partners is looking to expand its equity derivatives focus, which helps strengthen one of its core businesses.
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Despite movements to finalize the acquisition details, no specific financials were disclosed at this time by either BGC Partners or Sunrise Brokers – the deal will be subject to customary legal and regulatory approvals. Sunrise Brokers has had a successful run as of late, generating revenues of upwards of $90 million in the financial year ending December 31, 2015.
According to Shaun D. Lynn, President, BGC Partners, in a recent statement on the deal: “This transaction enables us to further expand our equity derivatives offering and complements our existing financial services business. As a recognized leader in its market segments, Sunrise Brokers is clearly a valuable addition to the BGC family of brands.”