Fintech firm NEX announced it’s agreed commercial terms with a number of investors to invest new funds into NEX Exchange, a listing venue for small and medium-sized enterprises. The new funds, reportedly in the low double-digit millions, will be retained by NEX Exchange, where they will be used to develop and grow the business.
Completion of the transaction is expected by the end of Q1 2019. Following completion, NEX will retain a significant minority shareholding in NEX Exchange. On completion of the transaction, Patrick Birley will step down as CEO and Oliver Hemsley, the founder and former CEO of Numis Securities, will be appointed as CEO of the business.
In March 2018, CME and NEX Group announced an agreement in which CME Group will acquire NEX in a transaction valued at some $5.4 billion expected to close in H2 2018.