Following yesterday’s surprise announcement that the Dubai Financial Market is to acquire 100 per cent of Nasdaq Dubai there some unanswered questions.
For a start, who is selling Nasdaq Dubai? Nasdaq Dubai is one-third owned by Nasdaq OMX and two thirds by Bourse Dubai. Details of the deal show that the DFM will pay $120 million in cash and $20 million in its own shares to Bourse Dubai to take control of Nasdaq Dubai; and Nasdaq OMX will take a one per cent stake in the DFM.
And who owns Bourse Dubai? The Dubai Government, which also owns an 80 per cent stake in the DFM. So as a result of the deal the Dubai Government will slightly increase its stake in the DFM and pick up $102 million.
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