The Singapore Exchange (SGX) and Baltic Exchange said they had agreed on terms of the acquisition by SGX of the Baltic in a deal worth the equivalent of R1.62 billion.
SGX said it had “received irrevocable undertakings” from Baltic directors and shareholders of about 74% of the existing issued share capital of Baltic Exchange.
The acquisition is expected to be completed “towards the end of November 2016, subject to achieving the necessary shareholder, regulatory and Court approvals”, the exchanges said.
The Baltic Exchange provides maritime market information for the trading and settlement of physical and derivative shipping contracts, and will remain at its current headquarters in London.
