Nasdaq in deal with Dubai Bourse to buy OMX stake

Mumbai: US hi-tech stock market Nasdaq and state-run United Arab Emirates group Borse Dubai have reached a deal to acquire Sweden''s OMX, ending a lengthy takeover battle for the Nordic exchange owner.

Nasdaq and the Borse Dubai said they will jointly take over Nordic market operator OMX, with Borse Dubai taking 19.99 per cent of Nasdaq

Under the complex agreement, Nasdaq will take Borse Dubai''s stake in OMX. Borse Dubai will also buy Nasdaq''s 28 per cent holding in the London Stock Exchange.

Nasdaq would take a strategic stake in Dubai International Financial Exchange (DIFX), the firms added in a statement.

Borse Dubai would follow through on its previously announced 230 kronor ($41) per share offer for OMX. The 17 August bid valued the group at $3.97 billion ($4.6 billion).

The Nasdaq stock exchange would then acquire all of Borse Dubai''s OMX shares.
Though the UAE exchange would acquire 19.99 per cent of the shares in Nasdaq, its voting rights would be restricted to 5 per cent.