NEW YORK – November 16, 2018 –
The agreement stipulates that BGC Partners has acquired 100% ownership of Poten & Partners, encompassing its operations across key global locations including New York, London, Singapore, Houston, Athens, Guangzhou, and Perth. This acquisition marks a significant expansion for BGC Partners within the energy and commodities markets.
Executive Perspectives on the Acquisition
Shaun D. Lynn, President of BGC Partners, articulated the company’s enthusiasm for this strategic acquisition: “We are thrilled to finalize this acquisition, which strategically aligns with and strengthens our existing commodities business. Integrating Poten’s physical LNG, LPG, and tanker brokerage services, alongside their energy consulting capabilities, will significantly broaden BGC’s footprint in the oil, gas, and shipping industries. Poten’s esteemed market intelligence, price reporting, and analytical products, notably within the LNG, LPG, and Asphalt markets, will also enrich Fenics Market Data, our suite of market data solutions for energy and commodities.”
Poten & Partners reported revenues of approximately $60 million for the fiscal year concluding on December 31, 2017. The acquisition is anticipated to be immediately earnings accretive for BGC Partners. Beyond brokerage services, Poten offers a range of value-added services, including commercial advisory, technical consulting, project due diligence, and comprehensive multi-client reports, further enhancing the value proposition for BGC Partners.
Steven M. Garten, Chairman and CEO of Poten & Partners, shared his positive outlook on joining BGC Partners: “We are incredibly excited to become part of BGC. We believe BGC Partners is uniquely positioned to support and propel our next phase of growth. The synergy between BGC and Poten will undoubtedly accelerate our expansion, both through organic initiatives and strategic acquisitions.”
Michael D. Tusiani, Chairman Emeritus of Poten & Partners, also commented on the future prospects: “This partnership with BGC Partners provides an exceptional platform for sustained growth in our core business areas and opens avenues for further expansion. I am confident that this is a positive development for our company, our employees, and our clients, offering exciting opportunities for all.”
Poten & Partners will be integrated into BGC Partners’ energy and commodities business segment. Further financial details of the transaction remain undisclosed.
About BGC Partners, Inc.
BGC Partners is recognized as a leading global brokerage and financial technology company. Its offerings extend to Real Estate Services through its publicly traded subsidiary Newmark Group, Inc. (NASDAQ: NMRK), a leader in full-service commercial real estate services. BGC Partners’ Financial Services division provides a comprehensive suite of products including fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. BGC Partners serves a diverse and prestigious clientele, including many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, and corporations, underscoring its position as a key player in the global financial markets.
