BGC Group Inc (NASDAQ: BGC), a global brokerage and financial technology company, said on Thursday that it had acquired Sage Energy Partners LP.
Based in Houston, Texas, Sage is focused on refined products, biofuels, ethanol, carbon emissions, renewables, NGLs and petrochemicals brokerage services.
The acquisition is to expand BGC’s energy brokerage services in the United States and support the company’s global growth initiatives across its Energy, Commodities and Shipping business.
“Sage has built an impressive franchise that aligns seamlessly with our current client offering and enables us to become the world’s first ‘one-stop-shop’ for environmental brokerage,” John Abularrage, Americas CEO and Global Co-Head of Brokerage at BGC Group, said in a press release.
“This acquisition complements our existing portfolio and will enhance our capabilities in key growth sectors. We look forward to welcoming their talented team as we continue driving value for our clients.”
Stock Performance
The shares of BGC Group Inc (BGC) closed 3.16% ($0.30) lower at $9.20 on Nasdaq on Thursday, as they extended the loss from the previous market session.
The company’s total market cap now stands at $4.542 billion.
The shares of BGC Group Inc (BGC) went up 91.51% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen 27.42% so far this year.
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