Business
BGC Group Announces Agreement to Sell kACE Financial to smartTrade Technologies SAS
Transaction valued at up to $119 million and demonstrates BGC’s ongoing commitment to unlock value for shareholders NEW YORK--(BUSINESS WIRE)-- BGC Group,
About this update from Bgc Group, Inc.
[{"type":"text","content":"\n\nTransaction valued at up to $119 million and demonstrates BGC’s ongoing commitment to unlock value for shareholders\n\n\n NEW YORK--(BUSINESS WIRE)--\nBGC Group, Inc. (Nasdaq: BGC) (“BGC” or “the Company”) today announced that it has entered into a definitive agreement to sell the business of kACE Financial (“kACE”), a leading provider of real-time pricing and advanced analytics platforms for complex FX derivatives, to smartTrade Technologies SAS (“smartTrade”), a global leader in multi-asset electronic trading and payments solutions.\n\nUnder the terms of the deal, kACE is valued up to $119 million, subject to limited post-closing adjustments. This includes an initial payment of $80 million, with up to an additional $39 million in contingent cash consideration based on defined performance metrics some of which is expected to be received in 2026.\n\n“We are proud of the FX options pricing and analytics franchise the kACE team has developed within BGC,” said Sean Windeatt, Co-CEO of BGC Group. “This transaction delivers significant value for our shareholders and positions kACE to enter an exciting new chapter as part of smartTrade. We will continue to focus on expanding our high-margin, technology-driven Fenics platforms to deliver innovative solutions across multiple asset classes.”\n\nDavid Vincent, CEO & Co-Founder at smartTrade, said: “This is a transformational moment for our joint clients. kACE brings a world-class team and sophisticated FX derivatives technology that is highly complementary to our existing multi-asset trading and payments offering. By integrating kACE’s deep derivatives expertise and cutting-edge analytics, we can now deliver even greater value to clients through a truly end-to-end solution that offers a clear competitive advantage.”\n\nThe transaction is expected to close by end of year 2025, subject to customary closing conditions. Any gains associated with the sale are expected to be included in BGC’s consolidated results under U.S. GAAP but are expected to be excluded from the Company’s results for Adjusted Earnings.\n\nAbout BGC Group, Inc.\n\nBGC Group, Inc. (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures ...