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Nasdaq to buy eSpeed platform for $750 mln
April 1 |
April 1 (Reuters) - Nasdaq OMX Group Inc agreed to buy the eSpeed platform from BGC Partners Inc for $750 million in cash, providing the exchange operator an entry point in the electronic fixed income business - one of the largest and the most liquid cash markets in the world.
eSpeed operates a fully executable central limit order book for electronic trading in U.S. Treasuries.
The total consideration for deal is up to $1.23 billion, including an earn-out of up to $484 million of Nasdaq OMX common stock to be paid over 15 years, BGC said.
The deal is expected to add to Nasdaq's earnings within the first twelve months after closing, the exchange operator said.
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