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DFM gives payment for two thirds of Nasdaq acquisition
DUBAI — The Dubai Financial Market, or DFM, one of two bourses in the emirate, on Wednesday announced the payment of two thirds of the Nasdaq Dubai acquisition transaction and transfer of 80 million shares to the Nasdaq Omx Group.
The bourse operator in last December said it would buy Nasdaq Dubai in a cash-and-stock deal worth $121 million. Bourse Dubai owns 66.7 per cent of the exchange Nasdaq Omx owns the balance.
DFM said 80 million shares are equivalent to one per cent of its capital.
“The company will pay the value of the remaining third to Borse Dubai concurrently with the completion of the consolidation between Dubai Financial Market and Nasdaq Dubai in due course,” according to statement available on DFM Web site.
“To satisfy Dubai and United Arab Emirates regulations, DFM will restructure itself in the near future by establishing a new holding company. This holding company would wholly own both DFM and Nasdaq Dubai, which would continue to operate as two distinct markets,” the DFM said last year.
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