Business & Tech
Chinese Investor to Buy Chicago Stock Exchange
Goldman Sachs, JPMorgan, ETrade, etc. to give up all minority shares by year's end.
CHICAGO, IL - A Chinese investor is expected to buy the Chicago Stock Exchange by the end of the year in a deal that would be the first of its kind in the United States.
Chongqing Casin Enterprise Group signed an agreement to acquire the company on Friday, according to the Chicago Tribune. Financial terms were not included, but the exchange is expected to be finalized in the second half of the year.
It would be the first of a U.S. exchange by a Chinese company.
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“We’re a good fit. Our strategy is something they like and is consistent with theirs,” Chicago Stock Exchange Chief Executive Officer John Kerin said. “We provide technology and we’re a standalone, full-service exchange that they can grow in a manner that suits their needs.”
The Stock Exchange is currently minority-owned by a group that includes ETrade Financial, Goldman Sachs, Bank of America and JPMorgan Chase. All minority shareholders would give up their stakes in the new deal.
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