Links cashes in on $4bn sale of Nordic exchange OMX
Linklaters has become the latest firm to benefit from a complex deal that sees US exchange Nasdaq set to take charge of Nordic stock market operator OMX in a $4bn (£2bn) deal.
September 26, 2007 at 10:08 PM
2 minute read
Linklaters has become the latest firm to benefit from a complex deal that sees US exchange Nasdaq set to take charge of Nordic stock market operator OMX in a $4bn (£2bn) deal.
The magic circle law firm is advising Borse Dubai, which has brokered a deal that will see it buy OMX for $4bn, before selling it onto Nasdaq in exchange for a 20% stake in Nasdaq and the 28% share of the London Stock Exchange owned by the US exchange.
Linklaters fielded a team from a number of its offices, with Dubai managing partner Ewan Cameron, London-based corporate partner Derek McMenamin, New York counsel Scott Sonnenblick and Stockholm M&A head Fredrik Lindqvist all playing roles.
West Coast firm Gibson Dunn & Crutcher also advised on US aspects of the deal, with New York corporate partner David Wilf leading the team.
The deal follows a lengthy takeover battle between the two exchanges for OMX that began when Nasdaq, advised by New York giant Skadden Arps Slate Meagher & Flom and Swedish independent Cederquist, submitted a $3.7bn (£1.9bn) offer earlier this year.
Vinge and Cleary Gottlieb Steen & Hamilton advised the target.
Dubai then trumped the offer with a $4bn bid but, subject to regulatory and shareholder approval, the new deal will now leave the Nordic exchange in US hands.
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