Business
BGC Completes Sale of Insurance Brokerage Business to The Ardonagh Group
NEW YORK, Nov. 1, 2021 /PRNewswire/ -- BGC Partners, Inc. (Nasdaq: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and financial
About this update from Bgc Group, Inc.
[{"type":"text","content":"NEW YORK, Nov. 1, 2021 /PRNewswire/ -- BGC Partners, Inc. (Nasdaq: BGCP) (\"BGC Partners\" or \"BGC\" or the \"Company\"), a leading global brokerage and financial technology company, announced today that it has completed the sale of its Insurance Brokerage business to The Ardonagh Group Limited (\"Ardonagh\"). The transaction was first announced in a press release on May 26, 2021. \nMANAGEMENT COMMENTS:\nHoward W. Lutnick, Chairman and Chief Executive Officer of BGC, said: \"We are pleased to have completed the sale of our Insurance Brokerage business1 to Ardonagh which delivers enormous value for our shareholders. The approximately $535 million in gross proceeds provides us with significant resources to continue repurchasing our shares and/or units and to accelerate Fenics growth.\"\nTRANSACTION DETAILS and financial impact:\nUnder the terms of the purchase agreement, Ardonagh acquired the equity of the entities that compromised BGC's Insurance Brokerage business for approximately $535 million in gross proceeds, subject to limited post-closing adjustments.\nThe one-time gain associated with the transaction will be reflected in BGC's consolidated results under U.S. Generally Accepted Accounting Principles (GAAP) but will be excluded from the Company's results for Adjusted Earnings. \nADVISORS:\nCantor Fitzgerald & Co. and Bank of America served as financial advisors, and Bryan Cave Leighton Paisner LLP acted as counsel to BGC.\nAbout BGC Partners, Inc.BGC Partners, Inc. (\"BGC\") is a leading global brokerage and financial technology company. BGC, through its various affiliates, specializes in the brokerage of a broad range of products, including Fixed Income (Rates and Credit), Foreign Exchange, Equities, Energy and Commodities, Shipping, and Futures. BGC, through its various affiliates, also provides a wide variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions. Through its brands, including Fenics®, Fenics Market Data™, Fenics GO™, BGC®, BGC Trader™, Capitalab®, and Lucera®, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab, and Lucera are trade...