Deals
CBOE Agrees to Buy Market Operator Bats for $3.2 Billion
- Tilly to become CEO, Concannon to be president and COO
- Deal is expected to be completed in the first half of 2017
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CBOE Holdings Inc., which invented the options market in 1973 with the Chicago Board Options Exchange, agreed to acquire Bats Global Markets Inc. for about $3.2 billion to expand into stocks, ETFs and currencies trading.
Edward Tilly, chief executive officer at CBOE Holdings, will keep that role in the combined company, while Bats CEO Chris Concannon will become president and chief operating officer, according to a statement on Monday. CBOE will use Bats’s technology to run trading at the combined company, which will be based in Chicago.