Nasdaq Stock Market
struck a pact to buy the Boston Stock Exchange and its related assets in a deal worth about $61 million.
"Though it is a sad moment for the BSE and its 173-year heritage of innovation and service to the U.S. markets, we are not immune to the global consolidation that is occurring in this industry,'' said Michael J. Curran, chairman and chief executive officer of the BSE. "We believe our sale to Nasdaq is a favorable outcome for our seat holders, and we are proud to become part of The Nasdaq Stock Market and its own tradition of innovation and service.''
Last month, the BSE said it had suspended operations of its Boston Equities Exchange, citing an inability to gain significant share in the highly competitive market. Nasdaq is also acquiring the Boston Equities Exchange in the transaction.
The Boston Stock Exchange was founded in 1834 and is the third-oldest exchange in the U.S. The transaction has to be cleared by the BSE's members and by the
Securities and Exchange Commission