BGC Partners Expected to Acquire Interdealer Broker GFI Group
Danielle Schlanger Feb. 20, 2015, 6:35 p.m.
BCG Partners, the global brokerage company serving financial and real estate markets run by Howard Lutnick, will acquire commercial brokerage GFI Realty Services, according to a press release issued by BCG Partners issued today.
The Wall Street Journal first reported that BGC Partners will pay roughly $778 million, or $6.10 per share, for the rival firm. The paper noted that BGC has been in a bidding war for GFI with exchange operator CME for months.
“We are thrilled to welcome the world class people from GFI into the BGC family,” said Mr. Lutnick, the chairman and chief executive officer of BCG, in prepared remarks. “We have an extraordinary opportunity ahead to grow with BGC’s strong financial position coupled with both companies’ extraordinarily talented brokers and market leading technology.”
The press release noted that GFI will likely operate as a separate division from BGC.
“We are excited to bring these two great companies together,” said Mickey Gooch, the executive chairman of GFI. “I look forward to building upon our success to create an extraordinary partnership.”