BGC Partners, Inc. (NASDAQ:BGCP) announced that it acquired the assets and subsidiaries of RP Martin Group in the United Kingdom today. The acquisition is expected to strengthen its European rates and foreign exchange businesses.
BGC Partners expects to purchase additional assets and businesses of RP Martin in Sweden and Netherlands next year. The deal will be subject to certain closing conditions and regulatory approvals.
BGC Partners, Inc. (NASDAQ:BGCP) is leading global brokerage company servicing the financial and real estate markets. Its products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products.
BGC Partners is committed in making accretive acquisitions
BGC Partners, Inc. (NASDAQ:BGCP) expected the acquisition to be immediately accretive, but did not disclose the financial terms of the transaction.
In a statement, Shaunn D. Lynn, president of BGC Partners said, “This agreement demonstrates our commitment to making accretive acquisitions which can immediately be leveraged on our infrastructure, strengthening our financial services business.”
Lynn added that the transaction is expected to bolster BGC partners business in the European region by entering into new geographies, complementing and strengthening its existing rates and foreign exchange platforms.
BGC Partners, Inc. (NASDAQ:BGCP) said the assets and subsidiaries it acquired from RP Martin and those expected to be acquired next year generated unaudited revenues of more than $50 million for its financial year ended September 30, 2014.
RP Martin has strong rates & foreign exchange products
RP Martin Group is a leading inter-dealer brokerage firm with a strong rates and foreign exchange products in Europe.
It is one of the oldest money brokers in the United Kingdom, which specializes in rates, fixed-income, bonds, currency and financial derivatives in the European money and capital markets.
RP Martin has approximately 170 brokers and offices in the UK, Netherlands and Sweden.
BGC Partners completed offering of senior notes
Last week, BGC Partners, Inc. (NASDAQ:BGC) completed the offering of $300 million senior notes with an interest rate of 5.375% per year, which will be paid semi-annually. The company said it would use the proceeds of the offering to fund potential acquisitions and strategic partnerships.