BGC Partners To Buy Apartment Realty Advisors

(RTTNews) - BGC Partners, Inc. (BGCP), a global brokerage company servicing the financial and real estate markets, has agreed to acquire Apartment Realty Advisors or "ARA" and its members representing substantially all of ARA's revenues.

ARA is a privately held, full-service investment brokerage network, focusing exclusively on the multi-housing industry. The acquisitions are expected to significantly drive NGKF's growth within the multi-housing capital markets space. BGC expects the transactions will be immediately accretive upon closing. The acquired companies would be purchased for around $110 million in cash when the closings are complete. Additional cash and equity based earn-outs may be paid if certain performance targets are met in future periods. After the closings, they are expected to generate annual revenues in excess of $100 million and pre-tax distributable earnings in excess of $20 million.

The transactions are likely to close in stages with a majority expected to close during the fourth quarter of 2014.