Oliver Hemsley, the Numis founder, has secured a £20 million deal to take over Nex Exchange, the stock exchange challenger.
Hemsley is set to invest £10.5 million in the business for a stake that amounted to 55 percent, with a view to eventually take full control and transform it into a credible rival to London’s Alternative Investment Market (AIM).
Tomorrow morning, the deal will be officially announced as he will see Hemsley take the place of Patrick Birley, the current chief executive of the company..
Hemsley established city broker Numis way back in 1989. He served as chief executive of the group until his retirement in 2016.
Nex Exchange lists Shepherd Neame and Arsenal Football Club stocks as it is is set to be acquired by CME Group in a $5.5 bill that amounted to (£4.21 bllion).
Last March, the said acquisition was already approved, however, it only was called in by the competition watchdog of the United Kingdom last year.
The Competition and Markets Authority will be undertaking a preliminary probe into the takeover. It is set to announce whether it will conduct more examinations this coming November.
Once the deal gets the go-ahead it will enable investors to have access to cash and futures trading, and over-the-counter services via a single provider for the first time.