BGC Announces Close of Sale of its Platform for the Fully Electronic Trading
of Benchmark, on-the-Run U.S. Treasuries to NASDAQ OMX
NEW YORK, July 1, 2013 /CNW/ - BGC Partners, Inc. (NASDAQ: BGCP) ("BGC
Partners," "BGC," or "Company"), today announced that it closed the sale of
its benchmark on-the-run, 2-, 3-, 5-, 7-, 10-, and 30-year fully electronic
trading platform for U.S. Treasury Notes and Bonds to NASDAQ OMX Group, Inc.
(NASDAQ: NDAQ) ("NASDAQ OMX.") The purchase consideration consists of $750
million in cash paid upon closing, plus an expected earn-out of up to $484
million of NASDAQ OMX common stock to be paid ratably over 15 years, assuming
that NASDAQ OMX, as a whole, generates at least $25 million in revenues each
(Logo: http://photos.prnewswire.com/prnh/20110720/MM38935LOGO )
On the June 28, 2013 closing, NASDAQ OMX purchased certain assets and assumed
certain liabilities from BGC and its affiliates, including the eSpeed brand
name and various assets comprising the fully electronic portion of BGC's
benchmark on-the-run U.S. Treasury brokerage, market data and co-location
service businesses (the "Purchased Assets"). BGC retains all of its other
voice, hybrid, and fully electronic trading, market data, and software
businesses, including voice, hybrid and electronic brokerage of off-the-run
U.S. Treasuries, as well as Treasury Bills, Treasury Swaps, Treasury Repos,
Treasury Spreads, and Treasury Rolls. BGC also continues to offer voice
brokerage for on-the-run U.S. Treasuries.
For further details on the Purchased Assets and the closing of the sale,
please see BGC's filings on Forms 8-K and 10-Q discussing the transaction.
BGC Partners' legal advisor in connection with the transaction was Wachtell,
Lipton, Rosen & Katz. Cantor Fitzgerald & Co. served as the Company's
About BGC Partners, Inc. BGC Partners is a leading global brokerage company
primarily servicing the wholesale financial and real estate markets. Products
include fixed income securities, interest rate swaps, foreign exchange,
equities, equity derivatives, credit derivatives, commercial real estate,
commodities, futures, and structured products. BGC also provides a wide range
of services, including trade execution, broker-dealer services, clearing,
processing, information, and other back-office services to a broad range of
financial and non-financial institutions. Through its BGC Trader and BGC
Market Data brands, BGC offers financial technology solutions, market data,
and analytics related to select financial instruments and markets. Through
the Newmark Grubb Knight Frank brand, the Company offers a wide range of
commercial real estate services, including leasing and corporate advisory,
investment sales and financial services, consulting, project and development
management, and property and facilities management. BGC's customers include
many of the world's largest banks, broker-dealers, investment banks, trading
firms, hedge funds, governments, corporations, property owners, real estate
developers, and investment firms. For more information, please visit
BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are trademarks and service
marks of BGC Partners, Inc. and its affiliates. Knight Frank is a service
mark of Knight Frank Limited Corp., used with permission.
Discussion of Forward-Looking Statements by BGC Partners Statements in this
press release regarding BGC Partners' business that are not historical facts
are "forward-looking statements" that involve risks and uncertainties. For a
discussion of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking statements, see
BGC's Securities and Exchange Commission filings, including, but not limited
to, the risk factors set forth in the Company's public filings, including the
most recent Form 10-K and any updates to such risk factors contained in
subsequent Form 10-Q or Form 8-K filings.
BGC Media Contacts: Hannah Sloane, +1 212-294-7938, or Sarah Laufer, +1
212-915-1008, or BGC Investor Contacts: Jason McGruder, +1 212-829-4988, or
Ben Goldman, +1 212-610-3680
SOURCE: BGC Partners, Inc.
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CO: BGC Partners, Inc.
ST: New York
NI: FIN MNA
-0- Jul/01/2013 12:31 GMT
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