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BGC Partners to buy Berkeley Point Financial for $875 mln

Reuters

(Adds details)

July 18 (Reuters) - Brokerage BGC Partners Inc said on Tuesday it would buy mortgage provider Berkeley Point Financial LLC from financial services firm Cantor Fitzgerald for $875 million.

BGC also said it would partner with Cantor to set up a commercial real estate business and would invest $100 million in cash for about 27 percent of the business.

Cantor will contribute about $267 million of cash and non-cash assets for about 73 percent of the business and will also bear initial losses from the business, if any, up to about $37 million per year.

New York-based BGC Partners said it expected the acquisition to increase its revenues and earnings and planned to fund it through debt issuance and cash on hand.

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Berkeley Point, acquired by an affiliate of Cantor Fitzgerald in April 2014, had a book value of $509 million as of March 31, 2017.

Sandler O'Neill & Partners served as financial adviser to BGC on the transaction. (Reporting by Parikshit Mishra in Bengaluru; Editing by Amrutha Gayathri)