Nasdaq in deal with Borse Dubai to buy OMX

Nasdaq Stock Market Inc. and Borse Dubai have reached a deal under which Nasdaq will take over Nordic bourse operator OMX AB, while Borse Dubai acquires just under 20% of Nasdaq and 28% of the London Stock Exchange.

The deal announced today would resolve a takeover battle between Nasdaq and Borse Dubai for Stockholm-based OMX.

It is subject to approval by shareholders and regulators in Europe and the United States.

Under the deal, Borse Dubai will go ahead with its $4 billion cash bid for OMX, but sell all shares in the Stockholm-based company to Nasdaq.

In exchange, Nasdaq will pay Dubai $1.72 billion in cash and give it a 1.99% stake in Nasdaq the companies said.

In addition, Dubai would acquire 28% stake in the London Stock Exchange from Nasdaq.

"Taken together, these strategic actions will provide us with a footprint unlike any other exchange, creating a global exchange leader, with operations in key markets around the world," Bob Greifeld, chief executive, Nasdaq said in a statement.