CBOE Holdings Inc. said it agreed to buy Bats Global Markets Inc. for about $3.2 billion in a deal that would tie an electronic upstart together with the owner of the Chicago Board Options Exchange.
Edward Tilly, chief executive officer of Chicago-based CBOE Holdings, will keep that role in the combined company. Chris Concannon, CEO of Lenexa, Kan.-based Bats, will become president and chief operating officer. The market operators plan to use Bats technology and will base the firm in Chicago.
The deal, a mix of cash and stock, adds to a flurry of dealmaking in the exchange-operator industry.
The deal, which still requires shareholder and regulatory approval, is expected to close in the first half of 2017, the companies said.
Read more: Bloomberg