BGC Finalizes Newmark Knight Frank Acquisition

NEW YORK CITY-In an effort to expand its US platform, global brokerage firm BGC Partners Inc. has closed on its acquisition of Newmark & Co. Real Estate Inc. after attaining all outstanding shares in the company, BGC unveiled late Friday. A spokeswoman for BGC says the financial terms of the deal will be revealed in the company’s third quarter report on Thursday, Oct. 27, but declined to comment about the details of the transaction beyond a news release to GlobeSt.com.

The acquisition–expected to be accretive to BGC–means the company will gain control of Newmark’s US commercial real estate brokerage and advisory firm, plus a controlling interest in its affiliated companies, encompassing 425 brokers. As a long-term strategy, BGC plans to “aggressively drive Newmark’s growth by attracting experienced brokers, investing in proprietary technology and capitalizing on Newmark’s extensive domestic relationships with international reach,” according to a company statement.