Man Group snaps up 70% of Eurex US
Man Group will pay Eurex, the derivatives exchange based in Germany, $23.2 million for 70% of Chicago-based US Futures Exchange. It will also invest a further $35 million in the US exchange. Man Financial chairman Kevin Davis will take over as chairman, and incumbent chief executive Satish Nandapurkar will remain in his post.
The deal will mean that the exchange will be able to expand its product range aimed at hedge funds and other retail investors, Man Group said. The deal is intended to attract new groups of users to the exchange-traded derivatives market "rather than competing with established futures exchanges", the company said.
Man added that it plans to sell off at least 20% of its stake, reducing its holding to below 50%, by inviting other trading institutions, "including hedge funds and financial services firms", to invest. Eurex plans to keep its 30% stake.
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