Brokerages/Wall Street
Report: Nasdaq in Talks to Buy Philadelphia Exchange
TSC Staff
04/10/07 - 07:44 PM EDT
The Nasdaq Stock Market(NDAQ) is in talks to buy the Philadelphia Stock Exchange, according to The Wall Street Journal's online edition, citing people familiar with the matter.
The Journal reported that the two exchanges have been talking for months, but a deal isn't expected any time soon. But discussions have intensified in recent weeks as Nasdaq looks to break into the increasingly popular options business following its failed bid to buy the London Stock Exchange.
The Philadelphia exchange, the country's third-largest options exchange, could be valued at $250 million to $300 million, says the Journal's sources, an easily digestible sum for Nasdaq.