Deals wrap: Nasdaq getting hostile with NYSE

March 15, 2011

Chief Executive Officer of The Nasdaq Stock Market Inc. Robert Greifeld speaks at a news conference at the Nasdaq headquarters in New York, April 22, 2005.

Nasdaq OMX Group Inc, not wanting to be left out in the cold of the global mergers frenzy among exchanges, is closer to making a counter-bid for NYSE Euronext, a source familiar with the situation said. Nasdaq would finance the transaction with up to $5 billion in debt and would most likely have to sell Euronext’s Liffe derivatives business to IntercontinentalExchange Inc to raise the needed capital.

If successful, such a counter-offer would redraw the global exchange map and thwart yet another merger plan by Germany’s Deutsche Boerse.

Even though the Nasdaq group has several options to go forward with a bid for NYSE,  Michael J. De La Merced of The New York Times thinks Nasdaq will find itself hard pressed to stay alone as its competitors bulk up through a series of mergers.

Private equity firm Apollo Management is expected to set terms today for its long-expected initial public offering that could be up to $500 million in size, four sources familiar with the situation said.

A listing would see Apollo join Kohlberg Kravis Roberts & Co and Blackstone Group in becoming one of the few publicly-traded private equity firms.

Speaking of KKP, the buyout giant kicks off its first ever investor day and is boasting it has more than $11 billion available to buy companies.

With the financial crisis abating, private equity firms have been getting back into the market, hunting for deals to put billions of unspent dollars to work and exiting investments they made during the mergers boom before the crisis.

The Deal Journal looks at the firms leadership as KKP responds to the criticism that its top executives are getting a little long in the tooth.

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