American stock exchange Nasdaq acquired the Swedish FINTECH company Cinnober. In a press release published last Friday, September 14, the total transaction amount — $190 million. Officially, the acquisition has not yet been issued, however, the parties have reached a preliminary agreement.
Absorption Cinnober will allow Nasdaq to “strengthen its position as a world leader in the development of infrastructure, market-based solutions”. Given the company’s experience in servicing brokers and exchanges, working with cryptocurrency, many media outlets perceived the deal as an interim step to the opening of Nasdaq trading digital assets.
CEO Friedman Nasdaq adena (Adena Friedman) said:
“The combined intellectual capital, technological knowledge and skills of employees Cinnober, and our structure Market Technology contribute to the inclusive growth of our rapidly growing division.”
She continued, adding that new markets will require marketing infrastructure that can support rapid growth and greater integrity of the market. In turn, becoming a major shareholder of Cinnober, Nasdaq will be able to “provide a better service for the operators of market infrastructures around the world” and to increase the coverage of new market segments.
Historically in Sweden, the tradition of public offers are processing and transaction will be closed in the fourth quarter of 2018, provided that Cinnober will not get a better offer.
The latter is unlikely. Co-founder and Board member of Cinnober Nils-Robert Persson (Nils-Robert Persson) came out openly in support of the transaction with Nasdaq, noting that it would be “strategically logical” decision, which, inter alia, would strengthen the position of Sweden on the market financial technology.
None of the representatives or the Nasdaq Cinnober has not commented on possible interest of the American stock exchanges for cryptocurrencies as a factor in the acquisition of the Swedish company. Earlier, the head of the Department of alternative data Nasdaq Dag bill (Bill Dague) announced that Nasdaq explores the market for digital assets, but does not have any definite plans for the launch of cryptocurrency product.