(1888PressRelease)
September 25, 2007 - Nasdaq has sold a portion of its 28 per cent stake in the London Stock Exchange (LSE) to Bourse Dubai, it has been confirmed.
The move forms part of an agreement which will allow Nasdaq to assume control of Nordic exchange OMX.
Although Nasdaq made an offer for OMX in May, Bourse Dubai's offer was considered to be better.
However, Bourse Dubai will now stand aside and allow Nasdaq to take over OMX in exchange for 97 per cent of the US stock exchange's shares in the LSE and a 20 per cent holding in the company itself - although Bourse Dubai will be restricted to five per cent voting rights.
Additionally, Nasdaq is to invest in the Dubai International Financial Exchange, becoming Bourse Dubai's main commercial partner in the project in the process.
Nasdaq is attempting to gain a greater presence in Europe in order to rival NYSE Euronet.
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