By DPA
Stockholm : New York based Nasdaq and the OMX group that operates stock exchanges in the Nordic and Baltic region Friday announced plans to merge their operations.
The deal is estimated to be worth 25.1 billion kronor ($ 3.7 billion).
The boards of both companies said they "unanimously recommended" the deal that would be in cash and Nasdaq shares.
Nasdaq chief executive Robert Greifeld is expected to be CEO of the new group to be known as the Nasdaq OMX group, while OMX chief executive Magnus Bocker will serve as board president.
Speculation had heated up in recent weeks over a possible deal and last month OMX said it was "in exploratory discussions with several exchanges."
SUPPORT TWOCIRCLES
HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE