BGC Group, Inc. announced it has entered into an agreement to acquire OTC Global Holdings, LP ("OTC"). According to the news release, OTC is the largest independent institutional energy and commodities brokerage firm. The acquisition will help BGC expand its Energy, Commodities, and Shipping (ECS) business.
OTC operates globally across North America, Europe, and Asia. Its services cover crude and refined products, petrochemicals, natural gas, and ship brokerage. BGC views OTC’s product offerings as complementary to its ECS business, aiming to create a broader platform for the global market.
"OTC has built a premier global energy, commodities, and shipping business that is supported by world class talent," said Howard Lutnick, Chairman and CEO of BGC Group.
"This acquisition will complement our existing ECS business and will enhance our ability to deliver a comprehensive, best-in-class offering to our global client base. We look forward to welcoming the OTC team onto the BGC platform, combining our innovative solutions to drive greater results for our clients."
The deal is structured as a mostly cash transaction, subject to regulatory approvals and customary closing conditions. Jefferies LLC is acting as financial advisor to OTC.
