Global brokerage and financial technology company BGC Partners has completed the acquisition of ship brokerage, consulting and business intelligence firm Poten & Partners Group.
Under the terms of the agreement, BGC acquired 100% of Poten, which includes operations in New York, London, Singapore, Houston, Athens, Guangzhou and Perth.
Specialising in LNG, tanker and LPG markets, Poten & Partners was founded over 80 years ago. With 170 employees worldwide, Poten provides insight into the international oil, gas and shipping markets.
“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,” Shaun D. Lynn, President of BGC Partners, said.
Poten, which generated revenues of around USD 60 million in the financial year ended December 31, 2017, will be recorded as part of BGC’s energy and commodities business. Further details of the transaction were not disclosed.