BGC could pay an additional 4.83 million shares, which today have a value of $33.38 million, to Newmark shareholders, if certain incentive goals are reached, the company said.
BGC closed Friday on the acquisition of Newmark including the company’s majority interests in 13 affiliated companies around the United StatesBGC announced in April it would buy Newmark. At the time, the purchase price was rumored to be between $125 million and $200 million.
“The former shareholders of Newmark will also be entitled to receive up to an additional approximately 4.83 million shares of stock over a five-year period if Newmark achieves certain enumerated gross revenue targets post-closing,” the release said. BGC will buy the non-controlling interest in the remaining Newmark offices around the country at a later date, the firm said.
