19 July AtoZForex — Following the GFI Group merger at the start of 2016, BGC Partners Inc. (BGC) has now set its mind on Sunrise Brokers. In a recent announcement of the US interdealer broker, BGC Partners plans to acquire Sunrise Brokers Group have been revealed.
The acquisition of the GFI Group started back in July 2014. After a long contest with the CME Group for the shares of GFI, BGC finally managed to complete the merger at the start of this year. Following this deal, BGC has gone through a quiet fiscal year until now. As the global brokerage company prepares itself to acquire the independent UK financial brokerage that deals with equity derivatives.
BGC Partners plans with Sunrise Brokers
Founded in 1991, the London-based Sunrise Brokers group offers broking services across equity, Forex, hybrid, credit, hybrid and commodity derivative asset classes. Last year, the Sunrise Brokers Group had a profitable run. As the 2015 financial year resulted in revenues of above $90 million. Despite, the impressive number, why has BGC decided to acquire Sunrise Brokers?
BGC Partners plans for the Sunrise Brokers merger, deals with the expansion of BGC’s equity derivatives focus. Through this merger, BGC Partners’ core businesses will be strengthened. The president of BGC Partners, Shaun D. Lynn commented further that:
“This transaction enables us to further expand our equity derivatives offering and complements our existing financial services business. As a recognized leader in its market segments, Sunrise Brokers is clearly a valuable addition to the BGC family of brands.”
What are the financial details behind the merger?
AtoZForex has reached to BGC Partners and spoken to Sarah Lukashok, Marketing and Communication consultant at BGC Partners. At the moment, both BGC Partners and Sunrise Brokers have decided not revealed any specific financial details of the acquisition yet. Nevertheless, the merger will be subject to the customary legal as well as the regulatory approvals.
What are your thoughts on the acquisition between BGC Partners and Sunrise Brokers? Let us know down in the comments section.