**Newmark Repurchases Nearly 11 Million Shares from Howard Lutnick**
Newmark Group has entered into an agreement to repurchase 10,969,523 shares of its Class A common stock from Howard W. Lutnick, the current U.S. Secretary of Commerce and former Executive Chairman of Newmark. The company will pay $127,027,077 for the shares, a move aligned with Lutnick’s compliance with his government ethics obligations.
Michael Rispoli, Chief Financial Officer of Newmark, commented on the strategic nature of the deal:
“This transaction presented a unique opportunity to efficiently acquire a substantial number of shares at what we believe was a favorable price. Given our expected strong cash generation, we anticipate continuing to invest in the company’s growth, while also returning capital to shareholders through repurchases over time.”
In a related development, Cantor Fitzgerald announced that Lutnick, previously its Chairman and CEO, is transitioning ownership of his interests to the next generation. The ownership will be transferred through trusts benefiting his children, including Brandon G. Lutnick, Chairman and CEO, and Kyle S. Lutnick, Executive Vice Chairman. Brandon Lutnick will serve as the controlling trustee for these trusts.
