Lutnick Family’s BGC Group Buys Brokerage OTC for $325 Million

BGC Group Inc., a financial firm controlled by the billionaire Lutnick family, bought brokerage OTC Global Holdings for $325 million in cash to expand its presence in energy and commodities.

The acquisition of OTC, which generated more than $400 million in revenue last year, is expected to immediately add to earnings, New York-based BGC said in a statement. BGC bought ship brokerage Poten & Partners Group in 2018 and last year took overHouston-based Sage Energy Partners, which specializes in oil and refined products as well as environmental and energy-transition services.

The fragmented brokerage sector has seen some ...