Chi-X Deal May Cost Bats Global $9M

U.S. operator of equities and options platforms Bats Global Markets is set to spend nearly $9.3 million in costs if its postponed bid to acquire pan-European exchange Chi-X Europe is accepted.

U.S. operator of equities and options platforms Bats Global Markets is set to spend nearly $9.3 million in costs if its postponed bid to acquire pan-European exchange Chi-X Europe is accepted, Financial Times reports. The $305.4 million cash and shares deal was decided by their boards in February. In spite of being approved by shareholders, an inquiry by U.K. antitrust authorities in June has delayed the completion.

Bats will pay a separate £1.3 million in fees to advisers, primarily lawyers and accountants, and £2.2 million for retaining employees. The group will pay £2.3 million to its corporate financial advisers if the offer is accepted. It will assign $149.1 million of its $248.5 million goodwill for competitor Chi-X Europe’s acquisition. In case the bid is not approved, a break-up clause will entail a payment of $7million to Chi-X.

Click here for the story from Financial Times.