19 November 2018
Brokerage and financial technology firm BGC Partners has acquired ship brokerage and consulting firm Poten & Partners Group, allowing BGC to tap on Poten’s services to expand into the oil, gas and shipping sectors.
Under the terms of the agreement, BGC acquired 100% of Poten, which includes operations in New York, London, Singapore, Houston, Athens, Guangzhou and Perth.
“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,” said Shaun D. Lynn, president of BCG.
Poten generated revenues of approximately $60m in the financial year ended 31 December 2017. The transaction is expected to be immediately accretive.
Michael D. Tusiani, chairman emeritus of Poten, commented: “This relationship will provide us with an exceptional platform for continued growth in our core business areas and the ability for further expansion.”
Founded over 80 years ago, Poten has around 170 employees worldwide. The deal sees Poten now recorded as part of BCG’s energy and commodities business.
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