BGC Group, Inc. - BGC STOCK NEWS

BGC Group (Nasdaq: BGC) has announced an agreement to acquire OTC Global Holdings, LP (OTC), the largest independent institutional energy and commodities brokerage firm. This acquisition will expand BGC's Energy, Commodities, and Shipping (ECS) business globally. OTC operates across North America, Europe, and Asia, offering brokerage services in crude and refined products, petrochemicals, natural gas, ship brokerage, and biofuels.

The acquisition, expected to be a substantially all-cash transaction, aims to create a comprehensive platform serving the global energy and commodities market. It is subject to customary closing conditions and regulatory approvals. Jefferies is acting as the exclusive financial advisor to OTC Global Holdings.

BGC Group (Nasdaq: BGC) has acquired Sage Energy Partners, an energy and environmental brokerage firm, to expand its Energy, Commodities, and Shipping (ECS) business. This acquisition will broaden BGC's coverage in the U.S. to include biofuels, environmental products, NGLs, and petrochemicals. The move is expected to be immediately accretive and positions BGC as the world's first 'one-stop-shop' for environmental brokerage.

Sage, headquartered in Houston, Texas, specializes in refined products, biofuels, ethanol, carbon emissions, renewables, NGLs, and petrochemicals brokerage services. The firm's clients include major banks, hedge funds, oil & natural gas producers, chemical companies, refineries, and utilities.

This strategic acquisition aligns with BGC's global growth efforts and strengthens its position in the rapidly evolving energy and environmental markets, particularly in the U.S., which is a key growth area for BGC's ECS business.

BGC Group (Nasdaq: BGC) has announced it will release its third quarter 2024 financial results on Thursday, October 31, 2024, at approximately 8:00 a.m. ET. The company will host a conference call to discuss the results at 10:00 a.m. ET on the same day.

Investors can access the financial results and join the webcast through the company's investor relations website at http://ir.bgcg.com. Alternatively, participants can join directly via https://www.webcast-eqs.com/bgc20241031. For those preferring to listen by phone, the U.S. dial-in number is 1-877-407-0312, and the international dial-in is 1-201-389-0899.

BGC will issue an advisory press release regarding the availability of its consolidated quarterly financial results at approximately 8:00 a.m. ET on the day of the announcement.

BGC Group has updated its outlook for Q3 2024, expecting to reach the high end of its previously stated ranges for revenue and pre-tax Adjusted Earnings. The company's financial results press release from July 30, 2024, can be found on its investor relations website. BGC uses non-GAAP financial measures, including 'Adjusted Earnings' and 'Adjusted EBITDA,' to reflect operating performance. These measures exclude non-cash items and other expenses not directly impacting cash flow or diluting stockholders. Adjusted Earnings calculations exclude various equity-based compensation charges, acquisition-related costs, and non-cash asset impairments. The company believes these adjusted metrics provide a clearer understanding of its financial performance. Management uses these measures to evaluate the company's operations and make business decisions. For more information, refer to the reconciliation of GAAP and non-GAAP results in the company's financial results press release.

BGC Group (Nasdaq: BGC) has extended its exchange offer for its 6.600% Senior Notes due 2029. The offer, originally set to expire on September 24, 2024, has been extended to September 27, 2024 at 5:00 p.m., New York City time. The exchange offer allows holders to swap up to $500 million of outstanding Old Notes for an equivalent amount of Exchange Notes registered under the Securities Act of 1933.

As of the previous deadline, $498,200,000, or 99.64%, of the outstanding Old Notes had been tendered. The exchange offer's terms are detailed in a prospectus dated August 26, 2024. Wilmington Trust, National Association is serving as the exchange agent for this transaction.

BGC Group (Nasdaq: BGC) and ten leading investment banks and market-making firms have launched the FMX Futures Exchange. The exchange is now trading SOFR futures, with plans to add U.S. treasury futures in Q1 2025. FMX aims to provide real competition in the U.S. SOFR futures market, offering innovation, superior pricing, and improved capital efficiency.

The exchange partners with LCH for clearing, enabling significant capital savings through cross-margin capabilities. LCH has $225 billion in interest rate swap collateral. FMX Holdings, includes a growing cash U.S. treasuries marketplace and spot Foreign Exchange platform. Equity partners include major financial institutions like Bank of America, Barclays, Citadel Securities, and Goldman Sachs.

BGC Group (Nasdaq: BGC) and 10 leading investment banks and market-making firms have announced the launch of FMX Futures Exchange on September 23, 2024. FMX will initially offer SOFR futures, with U.S. treasury futures to be added in Q1 2025. The exchange aims to provide significant capital savings through its clearing partnership with LCH , which has $225 billion in interest rate swap collateral.

FMX Futures Exchange is part of FMX Holdings , which includes a rapidly growing cash U.S. Treasuries marketplace and spot Foreign Exchange platform. Equity owners of FMX Holdings include major financial institutions such as Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo.

BGC Group (Nasdaq: BGC) has announced that its Chairman and CEO, Howard W. Lutnick, will present at the Barclays 22nd Annual Global Financial Services Conference on September 9, 2024, at 9:00 a.m. ET. The presentation will be accessible via a live webcast on the company's investor relations website, http://ir.bgcg.com.

Investors and interested parties can view the presentation in real-time and access a replay for up to 180 days after the event. The webcast may include forward-looking statements and important information about BGC Group's operations and financial performance.

BGC Group (Nasdaq: BGC) has announced an exchange offer for its 6.600% Senior Notes due 2029. The company is offering to exchange up to $500 million aggregate principal amount of its outstanding notes (Old Notes) for an equivalent amount of registered notes (Exchange Notes). The exchange offer will expire on September 24, 2024, at 5:00 p.m. New York City time, unless extended.

This exchange offer is being made to fulfill BGC's obligations under a registration rights agreement related to the initial issuance of the Old Notes in June 2024. It does not represent a new financing transaction. The exchange offer's terms are detailed in a prospectus dated August 26, 2024, with Wilmington Trust, National Association serving as the exchange agent.