Lehman Brothers is buying certain assets from Van der Moolen Specialists, and taking over its specialist duties on the New York Stock Exchange.

Among the assets Lehman is acquiring is a portfolio of listed company specialist assignments and certain technology. The transaction is expected to be finalized on December 10. Upon closing, a Lehman Brothers affiliate will act as specialist for approximately 400 NYSE-listed issues. The completion of the transaction is subject to regulatory approvals, which will occur prior to closing.

Terms of the proposed transaction and the purchase price were not disclosed by Lehman, although Van der Moolen said that it would receive zero consideration for the assets.

After the deal, Lehman Brothers’ market making business will be the fourth-largest specialist firm on the NYSE. With a market share of approximately 12% of the NYSE issuers, Lehman Brothers’ book will include three components of the Dow Jones Industrial Average Index, seven components of the Standard & Poor’s 100 Index and 44 components of the Standard & Poor’s 500 Index.

Following the sale of its U.S. specialist book, Van der Moolen Holding NV’s fourth quarter results will include charges for derecognition of certain VDMS intangible assets amounting to €40 million (net of taxes). This amount excludes any charges for severance and other one restructuring costs.

Richard den Drijver, CEO of Van der Moolen Holding, said, “This transaction marks the end of an era for our company, but certainly not the end of our activities in the U.S.. From now on the focus of our U.S. business will be on brokerage and trading at the Chicago Board Stock Exchange. This brings our focus in the U.S. in line with our strategy in Europe.”

Gerald Donini, head of Americas Equities at Lehman Brothers, said, “This transaction underscores our continued commitment to providing a competitive, transparent, public market that allows clients to choose how to best suit their sophisticated needs. Under current NYSE leadership, floor-based market making has and will continue to evolve. We look forward to partnering with the exchange and our clients to continue to improve market quality. We also greatly look forward to working with the floor-based market makers who will soon join our team.”