Howard W. Lutnick, chairman and CEO of BGC and chairman of Newmark
NEW YORK CITY—BGC Partners Inc. reports that its Board of Directors has approved the distribution of Newmark Group Inc., shares to BGC stockholders in connection with its upcoming spinoff of Newmark Group.
The spinoff of commercial real estate services firm Newmark Group is expected to become effective on Nov. 30, BGC reports. The stock distribution will be to BGC stockholders of record as of the close of business on Nov. 23, 2018 (the record date).
Based on the number of common shares of BGC outstanding as of Nov. 7, 2018, BGC Partners estimates that, in the distribution, stockholders of BGC Partners Class A common stock will receive approximately 0.4613 of a share of Newmark Class A common stock for every one share of BGC Partners Class A common stock held as of the record date.
Following the spin-off, BGC will no longer hold any shares of Newmark. Goldman Sachs & Co. LLC, Cantor Fitzgerald & Co. and BofA Merrill Lynch served as financial advisors to BGC in connection with the spin-off, while Wachtell, Lipton, Rosen & Katz and Morgan, Lewis & Bockius LLP served as legal advisors.
“We are pleased to have completed the steps necessary to separate Newmark from BGC,” says Howard W. Lutnick, chairman and CEO of BGC and chairman of Newmark. “The spin-off will enhance Newmark's ability to execute its successful growth strategy and to create value for its investors as a focused real estate services company. BGC's financial services business expects to deliver strong returns to its stockholders as it invests in technology, hires profitably, and acquires accretively.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
