The proposed merger between Kansas City-based BATS Global Markets Inc. and Chicago-based CBOE Holdings Inc. has received approval from both U.S. exchange companies’ shareholders following special meetings, the firms announced on Wednesday.
The deal, which still requires regulatory approvals and is expected to close by the end of the first quarter of 2017, would see BATS merge with the CBOE and become a wholly owned subsidiary of CBOE Holdings. In September 2016, the firms agreed to a cash and stock deal that valued BATS at approximately US$3.2 billion.
“We thank our shareholders for their continued support, moving us one step closer to completing this transformational combination,” says Chris Concannon, president and CEO of BATS, in a statement. “The BATS team looks forward to completing the transaction so we can integrate with CBOE.”