BP MARSH EXITS INVESTMENT IN BESSO

BP Marsh has completed its planned exit of its investment in Besso with BGC Partners acquiring a 100% stake in the broker. The final sale price will be adjusted following production of completion accounts, expected on March 31, but Besso’s valuation as of August 31 last year suggests BP Marsh’s stake was valued at £20.1m. BP Marsh’s gross proceeds from the sale will represent a 48% increase in the value of its stake compared with July 31, 2015. In addition, BP Marsh’s existing shareholder loans of £1.36m will be repaid in full on completion. Daniel Topping, BP Marsh’s chief investment officer, will also step down as a non-executive director of Besso. The deal will give BP Marsh approximately £18.37m of additional funds available for investment in other firms.