Competition watchdog gives clearance for CME’s purchase of NEX Group
The UK's competition watchdog has approved the $5.5bn (£4.31bn) acquisition of London-based financial exchange group Nex by US derivatives marketplace CME.
The Competition and Markets Authority (CMA) announced today it will not refer the merger for an in-depth investigation, after it had launched an inquiry in mid-September.
CME's share price edged 0.8 per cent higher following the announcement.
The deal, which was announced in March, remains subject to certain conditions including sanction by the court at a hearing scheduled for tomorrow (1 November).
The two companies anticipate the scheme coming into force on Friday.
Nex Group's boss, former Conservative Party treasurer Michael Spencer, is set to earn a windfall of £670m for his 17.6 per cent stake in the business.
New CME shares will be issued on Monday.
In a joint statement the companies said: "NEX and CME are pleased to confirm that they have received clearance from the UK Competition and Markets Authority for the Acquisition. Therefore, all of the conditions relating to regulatory and antitrust approvals have now been satisfied or (where capable of waiver) waived."