BGC finalizes the sale of its insurance brokerage activities to the Ardonagh group
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NEW YORK, November 1, 2021 / PRNewswire / – BGC Partners, Inc. (Nasdaq: BGCP) (âBGC Partnersâ or âBGCâ or the âCompanyâ), a leading global brokerage and financial technology company, announced today have completed the sale of its Insurance Brokerage Business to The Ardonagh Group Limited (âArdonaghâ). The transaction was first announced in a press release on May 26, 2021.
MANAGEMENT COMMENTS:
Howard W. Lutnick, Chairman and CEO of BGC, declared: âWe are pleased to have finalized the sale of our Insurance Brokerage business.1 in Ardonagh which provides tremendous value to our shareholders. Around $ 535 million of gross proceeds provides us with significant resources to continue to buy back our shares and / or shares and accelerate Fenics’ growth. “
TRANSACTION DETAILS and financial impact:
Under the terms of the purchase agreement, Ardonagh acquired the equity capital of the entities that compromised BGC’s insurance brokerage business for approximately $ 535 million in gross income, subject to limited post-closing adjustments.
The one-time gain associated with the transaction will be reflected in BGC’s consolidated results under US generally accepted accounting principles (GAAP), but will be excluded from the Company’s results for adjusted earnings.
ADVISORS:
Cantor Fitzgerald & Co. and Bank of America acted as financial advisers, and Bryan Cave Leighton Paisner LLP acted as legal advisor to BGC.
About BGC Partners, Inc.
BGC Partners, Inc. (âBGCâ) is a leading global brokerage and financial technology firm. BGC, through its various subsidiaries, specializes in the brokerage of a wide range of products, including fixed income securities (interest rate and credit), foreign exchange, equities, energy and commodities, shipping and futures contracts. BGC, through its various affiliates, also provides a wide variety of services including trade execution, brokerage, clearing, trade compression, back office, information and others. back office services to a wide range of financial and non-financial institutions. Through its brands, including Fenics®, Fenics Market Data â¢, Fenics GO â¢, BGC®, BGC Trader â¢, Capitalab® and Lucera®, BGC offers financial technology solutions, market data and analysis related to many instruments and financial markets. BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab and Lucera are trademarks / service marks and / or registered trademarks / service marks of BGC and / or its affiliates.
BGC’s clients include many of the world’s largest banks, brokers, investment banks, trading firms, hedge funds, governments, corporations and investment firms. BGC Class A common shares trade on the Nasdaq Global Select Market under the symbol “BGCP”. BGC is chaired by the Chairman of the Board and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow BGC on https://twitter.com/bgcpartners, https://www.linkedin.com/company/bgc-partners and or http://ir.bgcpartners.com/Investors/default.aspx.
Discussion of forward-looking statements about BGC
Statements contained in this document concerning BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements regarding the effects of the COVID-19 pandemic on the business, results, financial condition, liquidity and prospects of the Company, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, perhaps materially, from what is currently expected. Except as required by law, BGC does not undertake to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see BGC Securities and Exchange Commission filings, including, but not limited to , risk factors and the special note on Forward-looking information set out in these documents and any updates to such risk factors and the special note on forward-looking information contained in subsequent reports on Form 10-K, Form 10 -Q or form 8-K.
Media Contact:
Karen Laureano-Rikardsen
+1 212-829-4975
Investor contact:
Jason chryssicas
+1 212-610-2426
1 Includes Ed Broking Group Limited and Besso Insurance Group Limited, each of BGC’s wholly owned subsidiaries.
SOURCE BGC Partners, Inc.
Related links
http://www.bgcpartners.com
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