J.P. Morgan Chase & Co. and Bear Stearns have completed the planned share exchange that takes the firms closer to completing their acquisition agreement.

Under the terms of the agreement, J.P. Morgan Chase purchased 95 million newly issued shares of Bear Stearns common stock, or 39.5% of the outstanding common stock, in exchange for 20,665,350 shares of J.P. Morgan Chase common stock.

On Friday, the Bear Stearns Companies Inc. announced that the New York Stock Exchange approved its application for a “financial viability exception” to the NYSE’s shareholder approval policy in connection with the proposed issuance.