Bats and Chi-X Europe delay merger

Source: Bats Global Markets

The boards of Bats Global Markets (Bats) and Chi-X Europe today agreed to extend the terms of the proposed acquisition of Chi-X Europe by Bats.

The two companies agreed to the extension in order to allow the Competition Commission (CC) to complete its transaction review begun in late June 2011.

"While we continue to work with the CC towards a positive outcome for the transaction, BATS remains focused on providing our participants with tools and services that help them more efficiently navigate the European equities market," said Joe Ratterman, president and chief executive officer of BATS Global Markets.

"We remain committed to finalising the deal with BATS," said Alasdair Haynes, chief executive officer of Chi-X Europe. "In the meantime, Chi-X Europe will continue to develop its business and enable participants to achieve superior execution access for European equities."

Separately, the BATS Europe and Chi-X Europe platforms continue to operate independently as normal and both will continue to provide a high level of service to BATS Europe and Chi-X Europe's respective trading participants.
BATS and Chi-X Europe entered a definitive agreement on 18th Feb. 2011 for the sale of Chi-X Europe to BATS. On 20th June, the U.K. Office of Fair Trading announced the referral of the proposed acquisition to the CC.

The CC is expected to report its decision by 2nd Dec. 2011.

No additional statements will be made at this time.

Comments: (1)

Gary Wright
Gary Wright 12 July, 2011, 18:24Be the first to give this comment the thumbs up 0 likes

This is just a small delay in what is a very good deal for the European markets. I expect there to be further consolidation in this area over time as the European markets have been swamped with far too many venues and not enough real volume to sustain it. We will be debating this and many more at the Post Trade Forum debate in November see Post Trade Forum event on Finextra to book. A great lineup of leading industry experts is being put together