The Chicago Board of Options (CBOE) has agreed to buy Bats Global Markets in a $3.2 billion deal, the companies announced on Monday.
The deal is valued at $32.50 per Bats share, a 23% premium over Bats’ closing price on Thursday when reports of the deal talks first broke. It consists of 31% cash and 69% CBOE stock.
The CBOE is the largest options exchange in the US, valued at around $5.65 billion.
