NASDAQ OMX (NASDAQ:NDAQ) has reached agreement to acquire several Thomson Reuters' (NYSE:TRI) corporate services units, NASDAQ announced Wednesday. The stock exchange operator has made a binding offer to acquire the latter's investor relations, public relations, and multimedia solutions businesses for $390 million in cash.
The assets will be added to NASDAQ's Corporate Solutions unit. They will add 7,000 clients in these areas to NASDAQ's current 3,000.
NASDAQ said the acquisition is expected to be accretive to earnings within the first 12 months after completion, save for transaction-related costs, which it did not lay out in its press release. NASDAQ anticipates it will "generate attractive returns on capital."
The transaction, which is expected to close in the first half of next year, is subject to approval from regulatory bodies.