Home Business NewsBusiness Exchange operator makes £3.9bn swoop on London-listed NEX Group

Exchange operator makes £3.9bn swoop on London-listed NEX Group

by LLB Reporter
29th Mar 18 9:57 am

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US exchange operator CME has agreed a £3.9bn deal to buy Michael Spencer’s British firm NEX Group, according to reports.

Under the terms of the acquisition, CME will pay £10 for each NEX share, in the form of £5 in cash and 0.0444 new CME shares. NEX, formerly known as Icap, has recommended the offer to shareholders.

After the deal, NEX CEO Spencer would join CME’s board and become a special adviser to the firm, CME said.

“CME’s decision to choose London as its European headquarters is also a signal of tremendous support for Britain’s financial services sector,” Spencer added.

“At a time when market participants are seeking ways to lower trading costs and manage risk more effectively, the acquisition will allow us to create significant value and efficiencies for our clients globally,” CME Chairman and CEO Terry Duffy said.

CME said the deal would create significant efficiencies across futures, cash and over-the-counter (OTC) products.

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