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.
Shaun D. Lynn, President, BGC Partners
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.”
