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Speed bump

30 May 2007 By Nicole Lee

US electronic broker eSpeed is buying BGC, a fellow Cantor Fitzgerald unit, for $1.3bn a 7% discount to BGC s fair value, Cantor says. But the deal isn t as favourable as it looks. If eSpeed is valued on peer multiples, it is buying BGC for a hefty 17 times 2007 profits.

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