Skadden and Cleary advise Nasdaq on OMX deal

New York’s junior market Nasdaq has turned to trusted advisers Skadden Arps Slate Meagher & Flom to guide it through its $3.7bn offer for Nordic stock exchange operator OMX.

Skadden and Swedish firm Cederqvist are advising Nasdaq on its approach. Allen & Overy (A&O) also played a role. It was Skadden and A&O that teamed up to advise Nasdaq on its second frustrated attempt to take over the London Stock Exchange (LSE) earlier this year.

OMX has instructed Cleary Gottlieb Steen & Hamilton on the approach, with Swedish independent Vinge advising on local issues.

New York firm Cahill Gordon & Reindel scooped a role advising Bank of America and JP Morgan Chase in committing $3.5bn for the financing of Nasdaq’s bid.

If the deal is successful, the combined company will be called Nasdaq OMX and will be vauled at around $7bn, with headquarters in New York.

The Swedish government owns around 6 per cent of OMX, one of a raft of Swedish household companies it intended to privatise this year. Linklaters has scored a place on the panel of firms advising on those privatisations.

No decision will be made on the Nasdaq approach until the Swedish government discusses privatisations on 20 June.