November 8, 2007
Nasdaq Stock Market, Inc. announces definitive agreement to acquire Willkie client The Philadelphia Stock Exchange (PHLX).
On November 7, Nasdaq Stock Market, Inc. announced that it has entered into a definitive agreement to acquire Willkie client The Philadelphia Stock Exchange (PHLX) for $652 million. PHLX is the third largest options market in the U.S. and the nation's oldest stock exchange. The transaction is expected to significantly diversify NASDAQ's product portfolio by providing it with one of the foremost options trading platforms in the U.S. As part of the transaction, NASDAQ will also acquire a futures market operated by the Philadelphia Board of Trade (PBOT), an equities business, and the Stock Clearing Corporation of Philadelphia (SCCP). The deal was handled by a multidisciplinary Willkie team including partners Michael Schwartz, Tariq Mundiya, Frank Daniele and David Rubinsky; and associates Suzanne Sylvester, Seth Zelnick, Leah Shams-Molkara, Lisa Bentley and Paul Horan.
