AMERICAN inter-dealer broker BGC Partners yesterday reached agreement with UK-based rival RP Martin to buy its UK assets.
Financial details of the deal remain undisclosed.
The New York-based BGC also said it planned to buy RP Martin’s other businesses in Sweden and the Netherlands in 2015.
BGC said RP Martin, which employs 170 brokers in London, Stockholm and Amsterdam, produced unaudited revenues of $50m (£32m) in financial year ended 30 September. BGC added that its expected the deal to be “immediately accretive and to boost its European rates and foreign exchange platforms”.
RP Martin was recently fined $2.3m by UK and US regulators over Libor rigging.