Borse Dubai gets US approval for Nasdaq deal

02 January 2008
Borse Dubai has received regulatory approval from the US Committee on Foreign Investment to proceed with its investment in rival stock market, the New York-based Nasdaq.

The approval means Borse Dubai can continue with its plan to acquire two thirds of the shares in Nordic exchange OMX, which forms part of its wide-ranging deal with the US exchange.

The OMX board unanimously recommended the transaction on 2 January.

As part of the agreement Borse Dubai will then swap its holding in OMX for a combination of shares in Nasdaq and cash.

Nasdaq in turn will invest in Borse Dubai’s subsidiary, the Dubai International Financial Exchange, and help with technology and branding.

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