NASDAQ OMX Group is evaluating a possible offer for the London Stock Exchange (LSE), Financial Times reports. A NASDAQ-LSE merger is expected to be completed through a stock-swap deal that will not require additional financing. The transaction will generate synergies of $150 million.

After a deal is signed, NASDAQ will decide to either combine NASDAQ’S industry benchmark iNet trading platform with LSE’s MillenniumIT platform, or to drop MillenniumIT. The move comes after LSE dropped its plan to acquire Canada’s TMX Group, adds The Wall Street Journal. NASDAQ had made two unsolicited bids for the U.K. bourse in 2006.

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