Nordic stock exchange operator OMX AB said yesterday it had entered into a deal to merge with US bourse NASDAQ Stock Market Inc.
OMX, the largest bourse in the Nordic region and the result of seven merged Nordic stock exchanges in the past three years, said the merger is recommended by the boards of both companies and has the support of their main shareholders.
The combination will create the largest global network of exchanges and exchange customers linked by technology, OMX said in a statement.
The deal, which will take the form of a takeover offer by NASDAQ, values OMX at 25.1 billion kronor (US$3.67 billion), or 208 kronor per share, which is a 19-percent premium on Wednesday's closing price for the Stockholm-based company.
"The future of exchanges is about technology, flexibility and scale," NASDAQ chief executive Robert Greifeld said.
"Nasdaq and OMX together deliver all of these benefits. Our technology leadership and track record in linking trading platforms means we will offer issuers and investors unique benefits which were not available in one company until now," he said.
Greifeld said that the combination would help the new company to grow and speed up the global flow of equity capital.
It would also provide the company with "an excellent platform for further expansion into derivatives and other asset classes," he said.
Magnus Bocker, chief executive of OMX, said the combination "creates a new leader in the exchange industry."
The new group is to be called the NASDAQ OMX Group.
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