Under the terms of the agreement, BGC acquired 100 percent of Poten, which includes operations in New York, London, Singapore, Houston, Athens, Guangzhou and Perth, the company said in a statement. Founded over 80 years ago and with 170 employees worldwide, Poten provides its clients with valuable insight into the international oil, gas and shipping markets.
Shaun D. Lynn, President of BGC Partners said: "The addition of physical LNG, LPG and tanker brokerage, and energy consulting capabilities will allow BGC to expand its operations in the oil, gas and shipping sectors. Poten's access to market intelligence and its highly regarded price reporting and analytical products, including LNG, LPG and Asphalt will also add to our existing energy and commodities suite of market data solutions under Fenics Market Data".
Poten generated revenues of approximately $60 million in the financial year ended December 31, 2017. The transaction is expected to be immediately accretive. In addition to brokerage, Poten provides value-added services including commercial advisory, technical consulting, project due diligence and multi-client reports.
Steven M. Garten, Chairman and CEO of Poten & Partners said: "We are very excited to be part of BGC and feel BGC is uniquely positioned to support us in our next stage of growth. The combination of BGC and Poten will enable us to accelerate this, both organically and through targeted acquisitions."
Michael D. Tusiani, Chairman Emeritus of Poten & Partners added: "This relationship will provide us with an exceptional platform for continued growth in our core business areas and the ability for further expansion. I am happy for our company, employees and clients because of the exciting opportunities it will present".
Poten will be recorded as part of BGC's energy and commodities business. Further details of the transaction were not disclosed.