Baltic Exchange agrees to be acquired by Singapore Exchange

The $114.3 million deal is expected to be completed around late November.

   The Singapore Exchange (SGX) and Baltic Exchange said they have agreed on the terms for the acquisition of the Baltic by SGX in a deal worth 87 million British pounds (U.S. $114.3 million, based on today’s exchange rate).
   SGX said it has “received irrevocable undertakings to vote in favor of the proposed acquisition from the Baltic Exchange directors and certain Baltic Exchange shareholders representing approximately 74 percent of the existing issued share capital of Baltic Exchange.”
   Baltic shareholders would receive 160.41 pounds in cash for each share plus 19.30 pounds in a special cash dividend. The declaration and payment of the special dividend is subject to approval by Baltic shareholders and is conditional on successful completion of the proposed acquisition.
   The acquisition is expected to be completed “towards the end of November 2016, subject to achieving the necessary shareholder, regulatory and Court approvals,” the exchanges said.
   The Baltic Exchange provides maritime market information for the trading and settlement of physical and derivative shipping contracts. The agreement provides for the Baltic to remain at its current headquarters in London.