Singapore Exchange (SGX) has agreed terms to acquire the Baltic Exchange for £87 million. Baltic Exchange provides market information for the maritime industry, including the Baltic Dry Index (BDI).
“The proposed acquisition will accelerate the growth and development of the Baltic Exchange beyond what it could achieve on its own,” said Guy Campbell, Chairman of the Baltic Exchange.
Under the terms of the acquisition, the Baltic Exchange will maintain its headquarters in London and its multiple clearing house model. The Baltic Exchange will also continue to offer a range of membership services, including dispute resolution and social and charitable activities.
“We are delighted to have received such significant Baltic Exchange shareholder support for this transaction,” said Loh Boon Chye, CEO of SGX. “We look forward to working together with the Baltic members, SGX shareholders and the shipping community worldwide.”
Edited by Jonathan Rowland.