NEW YORK, Dec. 14, 2017 /PRNewswire/ -- BGC Partners, Inc.
(NASDAQ: BGCP) ("BGC") announced that Newmark Group, Inc., a wholly
owned subsidiary of BGC that will hold BGC's Real Estate Services
business ("Newmark"), has updated the terms of the initial public
offering ("IPO") of its Class A common stock. Newmark has been
approved to list its Class A common stock on the NASDAQ Global
Select Market under the symbol "NMRK."
The IPO price is now currently expected to be between
$14.00 and $15.00 per share. Newmark is offering 20 million
shares of its Class A common stock in the IPO. The underwriters
will also have a 30-day option to purchase up to 3 million
additional Class A shares at the IPO price, less underwriting
discounts and commissions.
Goldman Sachs & Co. LLC, BofA Merrill Lynch, and Citigroup
are acting as joint book-running managers for the offering. Cantor
Fitzgerald & Co. is acting as a book-runner for the
offering.
The offering will be made only by means of a prospectus. Copies
of the preliminary prospectus relating to the offering may be
obtained from Goldman Sachs & Co. LLC, at: Goldman Sachs &
Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282; telephone: 1-866-471-2526,
facsimile: 212-902-9316 or by emailing
prospectusgroup-ny@ny.email.gs.com; BofA Merrill Lynch,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte,
NC 28255-0001, Attn: Prospectus Department, or by email at
dg.prospectus_requests@baml.com; Citigroup at: Citigroup c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717 or by
telephone: 800-831-9146; or Cantor Fitzgerald & Co., Attn:
Prospectus Group, 499 Park Avenue, New
York, NY 10022, or by telephone at 1-212-915-1067 or by
email at prospectus@cantor.com.
A registration statement relating to these securities has been
filed with the U.S. Securities and Exchange Commission, but has not
yet become effective. These securities may not be sold, nor may
offers to buy be accepted, prior to the time the registration
statement becomes effective. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
these securities, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage company servicing the
financial and real estate markets. BGC owns GFI Group Inc., a
leading intermediary and provider of trading technologies and
support services to the global OTC and listed markets. BGC's
Financial Services offerings include fixed income securities,
interest rate swaps, foreign exchange, equities, equity
derivatives, credit derivatives, commodities, futures, and
structured products. BGC provides a wide range of services,
including trade execution, broker-dealer services, clearing, trade
compression, post trade, information, and other services to a broad
range of financial and non-financial institutions. Through brands
including FENICS, BGC Trader, Capitalab, Lucera, and FENICS Market
Data, BGC offers financial technology solutions, market data, and
analytics related to numerous financial instruments and markets.
BGC's customers include many of the world's largest banks,
broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, property owners, real estate developers,
and investment firms. BGC's common stock trades on the NASDAQ
Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC
also has an outstanding bond issuance of Senior Notes due
June 15, 2042, which trade on the New
York Stock Exchange under the symbol (NYSE: BGCA).
About Newmark Group, Inc.
Newmark is a full-service commercial real estate services
business that offers a complete suite of services and products for
both owners and occupiers across the entire commercial real estate
industry through brands, including Newmark
Knight Frank, Newmark Cornish
& Carey, Apartment Realty Advisors ("ARA"), Computerized
Facility Integration, and Excess Space. Newmark's investor/owner
services and products include capital markets, which consists of
investment sales, agency leasing, property management, valuation
and advisory, diligence, underwriting and, under other trademarks
and names like Berkeley Point and NKF Capital Markets, government
sponsored enterprise lending, loan servicing, debt and structured
finance and loan sales. Newmark's occupier services and products
include tenant representation, real estate management technology
systems, workplace and occupancy strategy, global corporate
services consulting, project management, lease administration and
facilities management. Newmark enhances these services and products
through innovative real estate technology solutions and data
analytics designed to enable its clients to increase their
efficiency and profits by optimizing their real estate portfolio.
Newmark has relationships with many of the world's largest
commercial property owners, real estate developers and investors,
as well as Fortune 500 and Forbes Global 2000 companies.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains forward-looking statements that are
subject to substantial risks and uncertainties. Any statements
contained herein that are not statements of historical fact may be
deemed to be forward-looking statements. For example, words such as
"may," "will," "should," "estimates," "predicts," "potential,"
"continue," "strategy," "believes," "anticipates," "plans,"
"expects," "intends" and similar expressions are intended to
identify forward-looking statements.
Actual results and the outcome and timing of certain events may
differ significantly from the expectations discussed in the
forward-looking statements. Factors that might cause or contribute
to such a discrepancy include, but are not limited to: the
possibility that the IPO may disrupt or have an adverse effect on
BGC's or Newmark's businesses; the expected timetable for
completing the IPO; the possibility that the IPO will not be
consummated within the anticipated timetable or at all, including
as the result of regulatory, market and other conditions; the
potential that BGC and Newmark will not realize all or any of the
expected benefits of the separation of Newmark from BGC and the
IPO; and the possibility that changes in interest rates, commercial
real estate values, the regulatory environment, the effects of
weather events or natural disasters, pricing or other competitive
pressures, and other market conditions or factors could cause the
results of BGC or Newmark to differ from the forward-looking
statements contained or incorporated by reference herein. For a
discussion of additional risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see Newmark's and BGC's filings with
the U.S. Securities and Exchange Commission. Except as required by
law, Newmark and BGC undertake no obligation to update any
forward-looking statements.
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