BGC Partners Inc. (BGCP) announced that it has received regulatory approval for the proposed sale of certain assets comprising its platform for the fully electronic trading of benchmark, on-the-run US Treasuries to Nasdaq OMX Group, Inc. (NDAQ).
On May 13, 2013, BGC received notice of regulatory approval with respect to the proposed transaction under the Hart-Scott-Rodino Antitrust Improvements Act. The company currently expects the transaction to close before the end of the third quarter of 2013.
In April, Nasdaq OMX Group said it agreed to acquire the eSpeed platform business from BGC Partners in a deal valued about $1.23 billion. eSpeed is an on-the-run, U.S. Treasury fully electronic trading platform, which is expected to help Nasdaq diversify into the electronic fixed income business.
As per the terms, Nasdaq will pay $750 million in cash plus an earn-out payment of up to $484 million of NASDAQ common stock to be paid ratably over 15 years.
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