Business
BGC Group Completes Sale of kACE Financial
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\n NEW YORK--(BUSINESS WIRE)--\nBGC Group, Inc. (Nasdaq: BGC) (“BGC” or “the Company”) today announced the closing of the sale 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\n\nUnder the terms of the purchase agreement, smartTrade acquired kACE for 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\nAny 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\n\nAbout BGC Group, Inc.\n\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 Exchange. BGC’s clients are many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC and leading global investment banks and market-making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, spot foreign exchange platform, and the world’s fastest growing U.S. cash treasuries platform. For more information about BGC, please visit www.bgcg.com.\n\n\nAbout smartTrade Technologies SAS\n\n\nsmartTrade Technologies is a global leader in multi-asset electronic trading and payments solutions. Our secure, reliable, and scalable platforms enable banks, brokers, buy-side institutions, and corporates to achieve significant business growth through secure, cost-efficient, and technologically advanced SaaS solutions. Headquartered in Aix-en-Provence, France, smartTrade has a global presence with offices in major financial centres.\n\n\nDiscussion of Forward-Looking Sta...