BGC Partners buys ship brokerage firm Poten and Partners

19 November 2018 (Last Updated November 19th, 2018 11:37)

BGC Partners has acquired ship brokerage, consulting and business intelligence company Poten and Partners Group for an undisclosed sum.

BGC Partners has acquired ship brokerage, consulting and business intelligence company Poten and Partners Group for an undisclosed sum.

The acquisition comprises Poten’s operations in New York and Houston in the US, London in the UK, Singapore, Athens in Greece, Guangzhou in China, and Perth in Australia.

Poten currently employs around 170 people and specialises in liquefied natural gas (LNG), tanker, and liquefied petroleum gas (LPG) markets.

Established more than 80 years ago, the company provides services to the global oil, gas and shipping sectors.

Following the acquisition, Poten has become part of BGC’s energy and commodities business.

BGC Partners president Shaun Lynn said: “We are excited about this strategic acquisition, which is very complementary to our current commodities offering.

“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.”

“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.”

BGC Partners is a brokerage and financial technology company. Last month, it signed an agreement with Ed Broking Group (Ed), a Lloyd’s of London insurance broker that primarily serves the marine, cargo, energy and other sectors.

The deal is set to expand BGC’s insurance division, which was formed last year following the acquisition of Besso Insurance Group, which has a presence in the UK, Brazil, United Arab Emirates (UAE), and Turkey.