Essa Kazim, chairman of Borse Dubai and Nasdaq CEO Robert Graifeld

Nasdaq and Dubai Share OMX

The long-running battle for ownership of the Stockholm-based Nordic and Baltic stock exchange OMX, looks set for a complex resolution, with OMX’s two suitors, Borse Dubai and New York’s Nasdaq reaching a deal for joint control of the company.

Borse Dubai will continue with its 4 billion US dollar bid for OMX, made in August, and is to secure a 20 percent stake in Nasdaq stock exchange.

Nasdaq will then acquire all of Borse Dubai’s OMX shares, and will take a strategic stake in the Dubai International Financial Exchange, which is set to be rebranded with the Nasdaq name and licensed to use Nasdaq and OMX market technology.

Under the deal, Borse Dubai will also acquire 28 percent of the London Stock Exchange from Nasdaq.

Those close to the agreement say it will create a ”global financial marketplace”. OMX runs and owns stock exchanges in Sweden, Denmark, Finland, Iceland and the Baltic states, and supplies operating technology to some 60 exchanges worldwide.

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