The NASDAQ OMX Group, Inc. completes its acquisition of Willkie client The Philadelphia Stock Exchange, Inc.
On July 24, The NASDAQ OMX Group, Inc. completed its acquisition of Willkie client The Philadelphia Stock Exchange, Inc. (PHLX) for an aggregate purchase price of $695 million. At the time Willkie assisted PHLX with its historic demutualization in 2004, the Exchange’s equity value was only approximately $7 million.
PHLX is the third largest options market in the U.S. and the nation’s oldest stock exchange, having been founded in 1790. As part of the transaction, NASDAQ also acquired a futures market operated by the Philadelphia Board of Trade, an equities business, and the Stock Clearing Corporation of Philadelphia. The deal was handled by a multidisciplinary Willkie team including partners Michael A. Schwartz, Tariq Mundiya, Frank Daniele and David Rubinsky; and associates Seth Zelnick, Leah Shams-Molkara, Lisa Bentley and Paul Horan.
