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BATS Global Markets, Inc. (BATS) and Direct Edge Holdings LLC (Direct Edge) today received notification that early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has been granted with respect to the proposed merger between BATS Global Markets and Direct Edge.
In August 2013, BATS and Direct Edge announced plans to combine their organizations, which will bring together two customer-focused securities exchange operators under the BATS Global Markets brand to drive further innovation and better serve investors.
Joe Ratterman, CEO of BATS Global Markets said, “We appreciate the thoughtful attention that the Department of Justice gave to this deal. We are now focused on obtaining the final regulatory approvals and executing on our plan to combine our two organizations to bring enhanced competition to the markets in which we operate.”
William O’Brien, CEO of Direct Edge, said, “We are pleased that we have reached this important milestone. As we continue our efforts to receive all required approvals, we remain excited about the prospects of the combined company to deliver enhanced value to customers and investors.”
The completion of the transaction is subject to approval from the U.S. Securities and Exchange Commission. Pending final regulatory approvals, the transaction is expected to close during the first half of 2014.
