BGC Partners, Inc. (NASDAQ:Â BGCP), a leading global brokerage company servicing the financial and real estate markets, today announced that it has acquired the UK assets and subsidiaries of RP Martin Group, a market-leading interdealer brokerage firm known for its strength in European rates and foreign exchange products. BGC expects to acquire further businesses and assets of RP Martin in Sweden and the Netherlands in 2015, subject to regulatory approvals and certain closing conditions.
The assets and subsidiaries acquired, and those BGC expects to acquire in 2015, generated unaudited revenues in excess of $50 million in the financial year ending 30 September 2014 . BGC expects the transaction to be immediately accretive and to boost its European rates and foreign exchange platforms. Financial details of the transaction were not disclosed.
RP Martin’s origins date back over one hundred years. Specializing in rates, fixed income, bonds, currency and financial derivatives in the European money and capital markets, RP Martin has approximately 170 brokers and offices in the UK, the Netherlands and Sweden .
“We are pleased to announce this agreement with RP Martin, one of the oldest money brokers in the UK. We expect it to bolster our European business by taking us into new geographies and complementing and strengthening our existing rates and foreign exchange platforms in the UK and Europe ,” said Shaun D. Lynn , President of BGC Partners. “This agreement demonstrates our commitment to making accretive acquisitions which can immediately be leveraged on our infrastructure, strengthening our financial services business.”