Nasdaq and the Borse Dubai, rather than fighting over the OMX Group, are teaming up to create a new global exchange that includes all three firms.

Borse Dubai Ltd. and the Nasdaq Stock Market Inc. announced a series of transactions that will create a global financial marketplace with a unique footprint spanning the U.S., Europe the Middle East and strategic emerging markets.

Under the proposed deal, Borse Dubai would become a 19.99% shareholder in Nasdaq, although it would get just 5% voting rights. Nasdaq will acquire all OMX shares to be purchased by Borse Dubai in its offer for OMX.

Nasdaq will then become a strategic shareholder and the principal commercial partner of Dubai International Financial Exchange, which will be rebranded with the Nasdaq brand and licensed with market leading technology from the Nasdaq/OMX combination.

Also, Borse Dubai has acquired 28% of the total issued share capital in the London Stock Exchange Group PLC from Nasdaq at a price of £14.14 a share.

“These developments herald an important step forward for Nasdaq. Taken together, these strategic actions will provide us with a footprint unlike any other exchange, creating a global exchange leader, with operations in key markets around the world,” said Bob Greifeld, president and CEO of Nasdaq.

“On the closing of the transactions with Borse Dubai, and completion of the proposed combination with OMX AB, we will have the technological infrastructure and the financial strength to serve our customers and to achieve our global ambitions.”

Added Essa Kazim, chairman of Borse Dubai: “Our primary objective is to build a world class, growth oriented exchange out of Dubai and to become the center for capital markets activities in the emerging markets. By entering into this partnership with Nasdaq, we will benefit from Nasdaq’s world leading brand, technology and platform. In addition, this combination will establish a gateway to large pools of liquidity.”

These agreements have the unanimous support of the boards of directors of Nasdaq and Borse Dubai. The OMX is supporting the deal as well.

“As being one of Europe’s most attractive exchanges, our initial response is that the competitiveness for the OMX Nordic Exchange will be secured going forward. In parallel, the possibilities for expansion in the Middle East for OMXexchange technology through Nasdaq’s investment in DIFX, will increase,” says Urban Backström, chairman of OMX.

To enable Nasdaq and Borse Dubai to enter into the relevant arrangements, OMX has accepted certain amendments to its transaction agreement with Nasdaq.