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.
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.
"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."
The deal is structured as a mostly cash transaction, subject
to regulatory approvals and customary closing conditions. Jefferies LLC is
acting as 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. 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.
"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."
The deal is structured as a mostly cash transaction, subject
to regulatory approvals and customary closing conditions. Jefferies LLC is
acting as 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. 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.
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!
🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!
🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!
🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!