Nasdaq Set to Acquire 37 Percent Stake in Oslo Bors

Norway's regulator has recommended that the deal be approved by the Ministry of Finance

Exchange operator Nasdaq announced that it is on track to complete its purchase of shares in the Oslo Bors (OSE) this Thursday.

The New York-based firm issued a statement saying that it has received approval to acquire 844,071 shares in the Norwegian stock exchange.

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Nasdaq first announced the terms of the deal in February of this year.

The US firm’s Nordic subsidiary, Nasdaq AB, was responsible for the acquisition of those shares.

In its statement, Nasdaq said that it would be paying 158 Norwegian Kroner ($18.60) per share.

That means the exchange operator will be paying approximately $15.7 million for its latest acquisition.

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As a result of the deal, the firm will control 37 percent of OSE’s shares.

Regulatory approval on the way

The exchange operator is unlikely to have to wait around for any regulatory approval for the deal.

On April 8, Norway’s Financial Supervisory Authority recommended to the country’s Ministry of Finance that the acquisition be approved.

“As we continue to pursue our ambition to acquire [the OSE], we are pleased to have been deemed fit and proper by the Norwegian Financial Supervisory Authority,” said Nasdaq Nordic’s president Lauri Rosendahl.

The OSE’s board has also vocally supported the deal with Nasdaq.

The exchange’s president and its chief executive officer, along with two of the other major shareholders in the firm, have said publicly that it is the best deal for the OSE.

“Based on the support by the board and key stakeholders, we remain confident that our offer is the best alternative for the continued long-term success of the Norwegian financial markets, and we look forward to the final decision of the Ministry of Finance,” added Rosendahl.

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