Numis founder Oliver Hemsley seals £20m deal to take control of Nex Exchange
Numis founder Oliver Hemsley has secured a £20m deal to take control of stock exchange challenger Nex Exchange.
Hemsley will invest £10.5m in the business for a 55 per cent stake, with a view to eventually take full control and transform it into a credible rival to London's Alternative Investment Market (AIM).
Read more: Competition watchdog launches inquiry into CME takeover of Nex Group
The deal, which will be officially announced tomorrow morning, will see Hemsley replace current chief executive Patrick Birley.
Hemsley set up city broker Numis in 1989 and served as chief executive of the group until his retirement in 2016.
Nex Exchange, which lists Arsenal Football Club and Shepherd Neame stocks, is set to be bought by CME Group in a $5.5bn (£4.21bn) deal.
The acquisition was approved in March but was called in by the UK's competition watchdog last week.
The Competition and Markets Authority will undertake a preliminary investigation into the takeover and will announce whether it will conduct further examinations by November.
If the deal gets the go-ahead it will allow investors to access cash and futures trading, and over-the-counter services through one provider for the first time.
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