Nasdaq buys Nordic stock exchange
Published September 20th, 2007
The Nasdaq Stock Market has signed a complex deal with Borse Dubai that will leave Nasdaq owning the Nordic stock market operator OMX.
Borse Dubai will proceed with its $4bn (£2bn) takeover of OMX but will then sell all of the shares to Nasdaq.
In return, Borse Dubai will receive a 20% stake in Nasdaq and 28% of the London Stock Exchange.
OMX operate stock markets in Iceland, Copenhagen and Helsinki as well as Stockholm, which is where it is based.
The deal resolves a takeover battle for OMX between Nasdaq and Borse Dubai.
A $4bn offer from Dubai had trumped an earlier $3.7bn recommended offer from Nasdaq.
The deal will have to be approved by shareholders and regulators in Europe and the US.
Nasdaq announced last month that it was going to sell some of its 31% stake in the London Stock Exchange after shareholders rejected its takeover offer for the UK exchange in February.
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