Nasdaq set to close OMX deal on 27 February

Nasdaq says its acquisition of European market operator OMX - which involves a tie-up with Borse Dubai - is expected to complete on 27th February.

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Nasdaq set to close OMX deal on 27 February

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In a statement, Nasdaq president and CEO Bob Greifeld says Borse Dubai's successful tender for OMX shares "is the final milestone of the transaction" and "paves the way for Nasdaq to create the world's largest exchange company".

Nasdaq and Borsa Dubai agreed a complex deal last year that will see the US exchange complete its first acquisition in Europe and secure control of OMX.

Under the pact Borsa Dubai agreed to acquire OMX and then transfer ownership of the company to Nasdaq. In return Dubai gets a stake in the combined Nasdaq/OMX company - although its voting stake will be limited to five per cent - as well as most of Nasdaq's shareholding in the London Stock Exchange (LSE). Nasdaq will also make an investment in Dubai International Financial Exchange.

Today's statement from Nasdaq follows confirmation that the Qatar Investment Authority (QIA) has sold its 9.98% stake in OMX to Borsa Dubai. This pushed Dubai over the 90% acceptance level for its offer of OMX and clears the way for the takeover of the Nordic and Baltic market operator by Nasdaq.

In a separate statement, Essa Kazim, chairman of Borse Dubai, says: "We are very pleased to be the first global exchange to bridge the US, Europe and the Middle East and to further develop and link mature and emerging markets through our new combination."

"The Borse Dubai/Nasdaq/OMX Group will become the largest global network of exchanges and exchange customers linked by technology in the world," adds Soud ba'alawy, vice chairman of Borse Dubai.

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