BGC Group said Tuesday that it has completed its $325 million acquisition of OTC Global Holdings, strengthening its position as a global energy, commodities, and shipping (ECS) brokerage firm.
BGC Group Completes OTC Global Holdings Acquisition
The deal is expected to be immediately accretive, with OTC generating over $400 million in revenue in 2024, representing an acquisition multiple of less than 0.8 times revenue.
“The completion of this acquisition marks a transformative step for BGC, that firmly establishes our company as the world’s premier energy, commodities, and shipping broker,” said Sean Windeatt, Co-CEO of BGC Group.
OTC CEO Joe Kelly said the move was a “strategic and natural progression”, adding: “We are incredibly proud of the world-class organisation we built at OTC, and I look forward to continuing to drive growth in the industry.”
BGC has expanded its ECS business significantly, with the OTC acquisition following its recent purchase of Sage Energy. The company sees ECS as its largest asset class going forward.
Under the terms of the deal, BGC acquired 100% of OTC’s equity in an all-cash transaction, with Jefferies, LLC serving as the exclusive financial advisor to OTC.
BGC’s first-quarter 2025 financial outlook did not include OTC’s results, as the acquisition was completed after the period ended. However, the company expects the deal to generate significant value for clients and shareholders.
