GFI Group, Inc., a subsidiary of BGC Partners, Inc. (NASDAQ: BGCP), which functions as an intermediary in the global over-the-counter (OTC) and listed markets, has undergone a strategic acquisition to buy Micromega Securities Proprietary Limited, an operator of South African markets, per a GFI statement.
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South Africa-based Micromega Securities offers interdealer brokerage services across a number of asset classes, including fixed income, rates, and foreign exchange (FX). The group primarily functions through its three subsidiaries TTSA Securities Ltd, SA International & Capital Market Brokers Ltd, and Micromega Africa Money Brokers Ltd.
The latest deal between the two venues will see GFI acquiring Micromega Securities, which have already worked together in a joint venture for the past three years. The deal is important for GFI Group, which will expand its focus and market penetration in one of Africa’s largest economies.
The overall details constituting the transaction were not disclosed at this time, and the acquisition itself is pending requisite regulatory approvals. According to Colin Heffron, Chief Executive Officer of GFI Group, in a recent statement on the acquisition: “We recognize the opportunity to increase GFI’s footprint in the South African and the wider African marketplace by formally bringing Micromega Securities and its talented team into GFI.”