Nasdaq OMX will take a five per cent stake in Turkey’s stock exchange as part of a partnership deal providing the US firm’s technology and advisory services.
The companies on Tuesday, said Nasdaq OMX, which operates the tech-rich Nasdaq Stock Market, would bring its most advanced suite of technologies and advisory services to Borsa Istanbul to build a “world-class capital markets hub” for the Eurasia region.
In exchange, Nasdaq OMX will take a five per cent shareholding in the Istanbul exchange and in addition receive “a series of cash payments”.
Nasdaq OMX has an option to increase its stake by an additional two per cent.
The partnership also opens the possibility of Borsa Istanbul taking a minority position in Nasdaq OMX.
“We are pleased to be working side-by-side with Borsa Istanbul as they evolve toward becoming an international hub that will attract global investors to the Eurasia region,” said Bob Greifeld, chief executive of Nasdaq OMX.