BGC Group Inc., a financial firm controlled by the billionaire Lutnick family, bought brokerage OTC Global Holdings for $325 million in cash to expand its presence in energy and commodities.
The acquisition of OTC, which generated more than $400 million in revenue last year, is expected to immediately add to earnings, New York-based BGC said in a statementBloomberg Terminal. BGC bought ship brokerage Poten & Partners Group in 2018 and last year took over Houston-based Sage Energy Partners, which specializes in oil and refined products as well as environmental and energy-transition services.