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Jan. 17, 2014 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("the Company" or "BGC"), a leading global brokerage company servicing the wholesale financial and real estate markets, today announced it has entered into an agreement to acquire the assets of HEAT Energy Group ("HEAT"), an independent over-the-counter energy brokerage company focused on the regional term power markets and natural gas swaps. This transaction complements BGC's growing energy practice in
North America. HEAT specializes in electricity and power broking in the PJM Interconnection and the Mid-Continent Area Power Pool regions and has offices in
New Jersey and
Florida. The acquisition is expected to close later this quarter and is subject to various closing conditions.
"Energy remains a key focus for our business in
North America," said
Shawn McLoughlin, Director of New Business Development, BGC North America. "HEAT's business will complement our existing suite of power and energy offerings. We look forward to welcoming them to BGC and to working together in the future to further bolster BGC's presence in the energy brokerage space."
Vincent Crescenzi, Managing Director of HEAT Energy Group commented: "We are delighted to enter into an agreement with BGC. We look forward to working with BGC to offer our clients an unparalleled service."
About BGC Partners, Inc.
BGC Partners is a leading global brokerage company primarily servicing the wholesale financial and real estate markets. Products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products. BGC also provides a wide range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a broad range of financial and non-financial institutions. Through its BGC Trader and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to select financial instruments and markets. Through the NGKF brand, the Company offers a wide range of commercial real estate services including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management. BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. For more information, please visit
BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are trademarks and service marks of BGC Partners, Inc. and its affiliates. Knight Frank is a service mark of Knight Frank Limited Corp., used with permission.