DUBAI, Feb 28: Borse Dubai said on Thursday it had completed a multi-billion dollar deal with the US exchange Nasdaq in which the Emirates-based firm sold its recently-acquired subsidiary, the Nordic and Baltic stock exchange operator OMX, to Nasdaq.

Borse Dubai has sold 117.228 million shares in OMX, representing approximately 97.2 per cent of the total number of shares and votes in OMX, to Nasdaq, the company said in a statement.

In return, Borse Dubai has received 42.9 million newly issued shares in Nasdaq and around $1.8 billion in cash, the statement said.

In addition, 17.66 million newly issued Nasdaq shares have been deposited in an independently managed US-based trust for the benefit of Borse Dubai.

The shares held by the trust are eventually expected to be sold out.

We are pleased to have successfully concluded this landmark deal, chairman of Borse Dubai Essa Kazim said.

The completed transactions constitute a key milestone in establishing Dubai as one of the world’s leading financial centres, he said.

Under the deal, Nasdaq has invested 50 million dollars (33 million euros) by subscribing to newly issued shares in the Dubai International Financial Exchange (DIFX) to become a holder of 33.3 per cent of DIFX outstanding shares, the statement said.

Nasdaq and Borse Dubai will together develop DIFX as a global exchange which will bridge the US, Europe and the Middle East and further develop and link mature and emerging markets, said Kazim.

Kazim said in comments published Thursday by Kuwaiti daily Al-Qabas that Borse Dubai will own 28 per cent of Nasdaq OMX Group.

But the official announced that Borse Dubai’s holding in the new group would be 19.9 per cent to ensure that its stake does not exceed 20 per cent, in accordance with the US laws.

The remaining 8.1 per cent is the stake placed in the independent trust, the official added.

He said that Borse Dubai saw the agreement as a “strategic deal” that will eventually yield lucrative investment results.

As part of the transactions, Nasdaq, OMX and Borse Dubai have entered into a technology licence and marketing agreement that gives Borse Dubai access to the technology platforms and proprietary systems of Nasdaq OMX group.

Also, Nasdaq and DIFX have entered into a trademark licence agreement that will grant DIFX a licence to use Nasdaq marks in relation to its business in certain territories.

Borse Dubai earlier this month acquired more than 97 per cent of OMX shares for a total value of around $4.9 billion.

Borse Dubai, the holding company for Dubai International Financial Exchange and Dubai Financial Market, is 60 per cent owned by the Investment Corporation of Dubai and 20 per cent each by Dubai Group and Dubai International Financial Centre.

OMX operates exchanges in Copenhagen, Stockholm, Helsinki, Reykjavik, Riga, Tallinn and Vilnius.—AFP