Under the terms of the agreement, BGC acquired 100% of Poten, which included operations in New York, London, Singapore, Houston, Athens, Guangzhou and Perth.
Shaun Lynn, BGC Partners president, said: “We are excited about this strategic acquisition, which is very complementary to our current commodities offering. The addition of physical LNG, LPG and tanker brokerage, and energy consulting capabilities will allow BGC to expand its operations in the oil, gas and shipping sectors.
“Poten’s access to market intelligence and its highly regarded price reporting and analytical products, including LNG, LPG and asphalt will also add to our existing energy and commodities suite of market data solutions under Fenics Market Data,” he said.
Poten generated revenues of around $60 mill in the financial year ended 31st December, 2017. In addition to brokerage, Poten provides value-added services, including commercial advisory, technical consulting, project due diligence and multi-client reports.
Steven Garten, Poten & Partners CEO, said: “We are very excited to be part of BGC and feel BGC is uniquely positioned to support us in our next stage of growth. The combination of BGC and Poten will enable us to accelerate this, both organically and through targeted acquisitions.”
Michael Tusiani, Chairman Emeritus of Poten & Partners, commented: “This relationship will provide us with an exceptional platform for continued growth in our core business areas and the ability for further expansion. I am happy for our company, employees and clients because of the exciting opportunities it will present.”
Poten will join BGC’s energy and commodities business.