NEW YORK CITY — BGC Partners (NASDAQ: BGCP), a global brokerage company, has entered into agreements to acquired Apartment Realty Advisors (ARA) and its members. ARA is the nation’s largest privately held, full-service investment brokerage network focusing exclusively on the multi-housing industry. The acquisition is expected to significantly drive the growth of Newmark Grubb Knight Frank (NGKF), which is a part of BGC Partners, within the multi-housing capital markets space. The companies will be purchased for a total cash consideration of approximately $110 million. Additional cash and equity-based earn outs may be paid if certain performance targets are met in future periods. After closings, the acquired companies are expected to generate annual revenues in excess of $100 million and pre-tax distributable earnings in excess of $20 million. The deals, which are each subject to closing conditions, are expected to close in stages with a majority expected to close during the first quarter of 2014.
191