BGC Partners Will Buy Assets of Heat Energy
BGC Partners, Inc. (NASDAQ: BGCP) ("the Company" or "BGC"), a leading global brokerage company servicing the wholesale financial and real estate markets, today announced it has entered into an agreement to acquire the assets of HEAT Energy Group ("HEAT"), an independent over-the-counter energy brokerage company focused on the regional term power markets and natural gas swaps. This transaction complements BGC's growing energy practice in North America. HEAT specializes in electricity and power broking in the PJM Interconnection and the Mid-Continent Area Power Pool regions and has offices in New York, New Jersey and Florida. The acquisition is expected to close later this quarter and is subject to various closing conditions.
"Energy remains a key focus for our business in North America," said Shawn McLoughlin, Director of New Business Development, BGC North America. "HEAT's business will complement our existing suite of power and energy offerings. We look forward to welcoming them to BGC and to working together in the future to further bolster BGC's presence in the energy brokerage space."
Vincent Crescenzi, Managing Director of HEAT Energy Group commented: "We are delighted to enter into an agreement with BGC. We look forward to working with BGC to offer our clients an unparalleled service."
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