OMX signs share purchase agreement for Nord Pool units
OMX and Nord Pool have signed a share purchase agreement, meaning that OMX acquires 100 percent of the shares in Nord Pool ASA's subsidiaries Nord Pool Clearing ASA, Nord Pool Consulting AS and Nord Pool International.
0
External
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
According to the agreement OMX acquires 100 percent of the shares in Nord Pool ASA's subsidiaries Nord Pool Clearing ASA, Nord Pool Consulting AS along with the new subsidiary Nord Pool International. The latter contains Nord Pool's international products, including CO2 products and the international power contracts.
OMX will pay NOK 2,150 million for the shares. Furthermore, OMX has agreed to potential further earn-out payments of maximum NOK 800 million based on volume over a five year period.
No changes have been made to the agreement conditions since the initial announcement on 21 December 2007. Under the agreement, Nord Pool ASA will remain a regulated commodity exchange in Norway, listing Nordic financial Electricity contracts.
The signing of the agreement is in line with the timetable previously defined by OMX and Nord Pool. Closing of transaction is expected to take effect by the middle of 2008, pending approvals from relevant authorities.