Russian stock exchanges, Micex and RTS, have signed an agreement to merge, Financial Times reports. Micex, in which the Russian central bank holds a 29.8% stake, will pay for the stake in a mix of 65% shares and 35% cash.
The deal will value Micex at $3.45 billion and RTS at $1.15 billion. The central bank, which holds a 29.8% stake in Micex, will give up its slice of the joint entity with an initial public offering for the new exchange planned for “two to three years’ time.”
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