DUBAI, United Arab Emirates - Dubai’s main stock market says it is buying an exchange run by Nasdaq in the struggling Arab boomtown, in a deal it valued at $121 million.
Dubai Financial Market said yesterday that it is offering to buy Nasdaq Dubai from Nasdaq OMX Group, the parent company.
The goal is to broaden its offerings to investors and further link the two exchanges.
The deal follows a sharp drop in local markets after Dubai shocked investors recently with word it was seeking to restructure $26 billion in debt held by its main state-run conglomerate.
Under terms of the cash-and-stock deal, Nasdaq OMX would hold a 1 percent stake in DFM and let Nasdaq Dubai continue to use its name and technology.