BGC Group, Inc., the global brokerage and financial technology company, has agreed to acquire OTC Global Holdings, LP (‘OTC’), the largest independent institutional energy and commodities brokerage firm. The acquisition will bolster BGC’s Energy, Commodities, and Shipping (ECS) division by diversifying and expanding its global footprint. OTC offers brokerage services across key sectors such as crude oil, natural gas, petrochemicals, and biofuels, with operations spanning North America, Europe, and Asia.
Howard Lutnick, Chairman and CEO of BGC Group, commented: “OTC has built a premier global energy, commodities, and shipping business that is supported by world class talent. 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.”
Joe Kelly, CEO of OTC Global Holdings, added: “BGC has an incredible offering with a proven track record of growth and innovation. We have built something very special and unique at OTC. We look forward to joining BGC’s platform and believe that together we will become a leading global broker for energy, commodities, and shipping products, delivering unparalleled value to our clients worldwide.”
The transaction, structured as a predominantly cash deal, is subject to regulatory approvals and other customary conditions. Jefferies LLC serves as the exclusive financial advisor to OTC Global Holdings.
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