BGC Partners to Buy Sunrise Brokers to Boost Equity Derivativesby
BGC Partners Inc., a brokerage serving financial and real estate markets, agreed to acquire Sunrise Brokers Group to expand its equity-derivatives business.
Sunrise Brokers, founded in 1991, reported $90 million of consolidated revenue for last year, BGC said in a statement on Tuesday, without disclosing the terms of the deal.
“This transaction enables us to further expand our equity derivatives offering and complements our existing financial services business,” Shaun Lynn, president and co-founder of BGC, said in the statement.
BGC, led by Chairman and Chief Executive Officer Howard Lutnick, provides brokerage services for securities in asset classes including fixed income, equities, foreign exchange and commodities. The company completed a merger with GFI Group Inc. in January.