March 17, 2010 / 2:03 PM / 9 years ago

UPDATE 1-Nasdaq OMX buys Nordic power bourse Nord Pool

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OSLO, March 17 (Reuters) - Nasdaq OMX (NDAQ.O) is buying the Nordic power exchange Nord Pool ASA for an undisclosed sum, the U.S. exchange firm said on Wednesday.

Nord Pool ASA is the world’s largest power derivatives exchange, covering the Nordic countries, as well as a major European carbon exchange. The deal does not include the Nordic physical electricity market operated by Nord Pool Spot AS.

Nasdaq OMX already owned Nord Pool’s clearing activities, international derivatives and consulting operations, which it had bought in October 2008.

“The transaction has strong strategic rationale by reuniting the power and carbon derivatives exchange and clearing business under the same parent,” said Geir Reigstad, head of Nasdaq OMX Commodities, in a statement.

The decision to buy Nord Pool comes after Nord Pool’s previous owners, power grid operators Statnett and Svenska Kraftnat, decided to exercise their option to sell the shares in the company.

“Operating a trading place for financial instruments is not part of Swedish Kraftnat’s core business,” said Mikael Odenberg, General-Director of Svenska Kraftnat in a statement.

The transaction is subject to regulatory approvals.

Reporting by Gwladys Fouche

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