American Stock Exchange agreed to a buyout for $110m last week by Chicago-based private equity firm GTCR Golder Rauner.
Amex's parent, National Association of Securities Dealers (NASD), intends to use proceeds from the transaction to fulfill all of its obligations to enhance Amex's infrastructure and operations which it undertook in 1998 when it acquired the exchange.
The deal is expected to be closed after it receives approvals from various parties including NASD's board of governors, Amex's board of governors, the Amex membership and Securities and Exchange Commission.
Exactly what will happen to the exchange, in terms of future strategies and initiatives, is still unclear. An Amex spokesperson declined to comment further on...