By Dean Seal
Commerce Secretary Howard Lutnick has reached deals to sell or transfer away his ownership interests in multiple affiliated companies as part of a government ethics agreement.
The financial services firm Cantor Fitzgerald said Monday that Lutnick, its former chairman and chief executive, has agreed to transfer his ownership to trusts benefiting his sons Brandon Lutnick and Kyle Lutnick, as well as Lutnick's other adult children.
As part of the transfer, Cantor Fitzgerald's current executive leadership team will remain in place while the firm 26North will become minority investors. Terms of the transfer weren't disclosed.
Former Cantor Fitzgerald affiliates BGC Group also said Monday that it has agreed to buy back more than 16.4 million shares of its stock from Lutnick, its former chairman and chief executive, for $151.5 million.
The brokerage and fintech company said the shares will be repurchased at about $9.21 apiece, equal to the volume-weighted average price of the stock on May 14, 15 and 16.
Lutnick has also reached a deal to have the real-estate advisor Newmark Group buy back 11 million shares that Lutnick owns as its former executive chairman. Newmark is expected to pay $127 million for the shares at about $11.58 apiece, the stock's closing price from Friday.
The sales were made in furtherance of Lutnich's U.S. government ethics agreement, the companies said. Cantor Fitzgerald continues to have controlling interests in both BGC and Newmark.
The closing of the Cantor Fitzgerald transactions are subject to regulatory approval.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 19, 2025 09:45 ET (13:45 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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