Mumbai: US hi-tech stock market Nasdaq and state-run United Arab Emirates group Borse Dubai have reached a deal to acquire Sweden''s OMX, ending a lengthy takeover battle for the Nordic exchange owner.

Nasdaq and the Borse Dubai said they will jointly take over Nordic market operator OMX, with Borse Dubai taking 19.99 per cent of Nasdaq

Under the complex agreement, Nasdaq will take Borse Dubai''s stake in OMX. Borse Dubai will also buy Nasdaq''s 28 per cent holding in the London Stock Exchange.

Nasdaq would take a strategic stake in Dubai International Financial Exchange (DIFX), the firms added in a statement.

Borse Dubai would follow through on its previously announced 230 kronor ($41) per share offer for OMX. The 17 August bid valued the group at $3.97 billion ($4.6 billion).

The Nasdaq stock exchange would then acquire all of Borse Dubai''s OMX shares.
Though the UAE exchange would acquire 19.99 per cent of the shares in Nasdaq, its voting rights would be restricted to 5 per cent.

"Taken together, these strategic actions will provide us with a footprint unlike any other exchange, creating a global exchange leader, with operations in key markets around the world," Nasdaq chief executive Bob Greifeld said. "We are pleased that Borse Dubai has decided to become a shareholder in Nasdaq. This better positions New York, as well as the US, to successfully compete with other global financial markets."

The announcement ended intense speculation over the fate of OMX, with Nasdaq and Borse Dubai both courting the group in recent months.

OMX operates the stock markets of Copenhagen, Stockholm, Helsinki, Reykjavik, Riga, Tallinn and Vilnius.