Derivatives marketplace CME Group (NASDAQ:CME) and NEX Group (LON:NXG) have announced they have received clearance from the UK Competition and Markets Authority for CME Group’s proposed acquisition of NEX.
Completion of the transaction remains subject to sanction by the UK Court. The parties have scheduled the court hearing for November 1, 2018 and expect the closing to occur by November 2, 2018.
On 29 March 2018, the boards of NEX and CME announced that they had reached an agreement on the terms of a recommended share and cash acquisition of the entire issued and to be issued share capital of NEX (the “Acquisition”). The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”) and is subject to the terms and conditions set out in the scheme document relating to the Acquisition (the “Scheme Document”). On 18 May 2018, the Scheme was approved by the NEX Scheme Shareholders at the Court Meeting.
The Acquisition was made subject to the Conditions set out in Part 3 of the Scheme Document, including the receipt of the relevant regulatory approvals from the FCA and regulators in the United States, Germany, Italy and Sweden, the requisite pre-notifications being made in Hong Kong and the successful completion of the antitrust review process in the UK and the United States.