Dec 2 (Reuters) - Futures market operator CME Group Inc raised its agreed-upon offer for derivatives broker GFI Group Inc to $5.25 per share from $4.55, matching inter-dealer broker BGC Partners Inc's hostile bid for GFI in October.

CME's stock-and-cash offer follows BGC's all-cash tender offer of $5.25 per share for the 86.5 percent of GFI that it does not already own.

For each share held, GFI stockholders can chose to receive cash or CME's Class A common stock based on the 10-day average closing price of CME's stock prior to the closing date of the transaction.

Chicago-based CME plans to spin off GFI's wholesale brokerage business to a private consortium controlled by GFI management for $254 million, up from $165 million in its previous offer, and the assumption of about $72 million of unvested deferred compensation and other liabilities, the companies said.

CME will retain GFI units, Trayport, a trading software provider in the European energy markets, and FENICS, a provider of analytics and risk management services for over-the-counter forex options markets.

Barclays is the financial adviser to CME and Skadden, Arps, Slate, Meagher & Flom LLP is its legal adviser.

Jefferies Group is the financial adviser to GFI and Willkie Farr & Gallagher LLP is its legal adviser.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Lisa Shumaker)