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CME takes over Britain’s Nex for $5.4 billion

Jiongsheng “Jim” Zhao pleaded guilty Wednesday to one count of spoofing. Prosecutors say the 31-year-old executed trades on the Chicago Mercantile Exchange online from Sydney.
| AP file photo

LONDON — U.S. financial exchange operator CME is taking over London-based peer Nex in a deal that values the British company at $5.4 billion.

CME and Nex said in a statement Thursday that Nex shares will be paid 10 pounds each, a premium of about 49 percent to the closing price on March 15, when an offer was first made.

Chicago-based CME says the deal will give it a greater presence in Europe and Asia. It expects savings of about $200 million by the end of 2021 by cutting costs.

It is the biggest deal for the CME since it bought the Nymex in New York in 2008. Last year, the CME launched trading of futures in bitcoin, the most widely known virtual currency.