BGC (BGC) said Monday that it has agreed to repurchase nearly 16.5 million shares of its class A stock that is owned by the company's former Chair and Chief Executive Howard Lutnick, who is now US Secretary of Commerce.
BGC agreed to buy back the shares at $9.2082 per share for a total of about $151.5 million, the company said, adding Lutnick is selling his interests in the company to comply with US government ethics rules.
Lutnick will also transfer his ownership interest in Cantor Fitzgerald to trusts for the benefit of Brandon Lutnick, Cantor Fitzgerald chair and chief executive, Kyle Lutnick, Cantor Fitzgerald executive vice chair, and his other siblings, BGC said.
The closing of the Cantor Fitzgerald deals is expected in Q3, subject to regulatory approvals, BGC said.
Lutnick also agreed to sell his nearly 9 million BGC class B shares to Cantor Fitzgerald, in a deal expected to close after the Cantor Fitzgerald transactions, BGC said.
Cantor Fitzgerald will continue to be BGC's largest shareholder, BGC said.
BGC shares were rising 3.7% in recent trading.
Price: 9.55, Change: +0.34, Percent Change: +3.69
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