Dubai to close OMX deal early next year

by Reuters on Monday, 05 November 2007

(Getty Images)

State-owned Borse Dubai expects to conclude a deal to take over Nordic exchange operator OMX by the end of February, Borse Dubai's chairman was quoted as saying on Monday.

Borse Dubai, a holding company formed in August to promote investment in two Dubai exchanges, agreed with Nasdaq in September to take over OMX with a bid that values the exchange at $4.9 billion.

"We hope the deal will be completed in January or February," Essa Kazim was quoted as saying by Dubai-based daily Gulf News.

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"We are sure the deal is going ahead and we will make sure that it will be completed within the time frame agreed by all parties," Kazim said.

Under the deal, Borse Dubai will buy 20% of Nasdaq, and Nasdaq would take 33% of the Dubai International Financial Exchange (DIFX).

Dubai set up the DIFX in 2005 to encourage foreign firms to raise capital in the world's biggest oil-exporting region.

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