Agreement to acquire Remate marks BGC's third acquisition announcement of 2014 and underscores the company's ambitious expansion plans
Remate agreement complements BGC's existing inter-dealer broker businesses in Mexico and Brazil and highlights the company's strategic focus on international expansion
BGC Partners, Inc. (NASDAQ: BGCP) ("the Company" or "BGC"), a leading global brokerage company servicing the wholesale financial and real estate markets, today announced that it intends to expand its Latin American presence with an agreement to acquire Remate Lince, S.A.P.I. de C.V. ("Remate"), one of Mexico's leading inter-dealer brokers, known for its strong interest rate derivatives and bond brokerage businesses. This marks BGC's first acquisition agreement in Latin America since the acquisition of Brazil's Liquidez DTVM Ltda. in 2009 and highlights the company's ambitions to expand its position in this important strategic region, drive liquidity and market connectivity to its customer base in Latin America, and export peso-denominated products to our global platform. Financial details of the intended transaction which has not yet closed were not disclosed.
"BGC is one of the fastest growing inter-dealer brokers in the industry. We continue to expand our international footprint and suite of products, delivering exceptional value to our clients. Remate has earned a premier reputation in the Latin American marketplace and we are excited to sign an agreement with them and welcome them to the BGC family shortly," said Shaun D. Lynn, President of BGC.
Mr. Lynn continued: "Latin America has terrific growth potential, as we have seen with Liquidez in Brazil and our Euro Brokers business in Mexico. We look forward to leveraging BGC's existing presence and expertise to unlock even greater value and to offer our global customers new products in the Mexican market and offer Mexican customers new access to global distribution opportunities, greater liquidity, and all the benefits of our technology platform."
Commenting, Jacques Levy, Chairman of Remate, said: "As a co-founder of this business I am proud of everything Remate has achieved in the past eighteen years. This marks an exciting new chapter for our business and our employees. It is a great honor to announce this agreement with BGC, a strong global brand with a magnificent industry reputation and proven history of acquiring businesses and promoting synergies and opportunities for growth. We look forward to working with BGC and building a formidable presence in Latin America."