Singapore Exchange Limited (SGX) has finalized the acquisition of approved of London-based Baltic Exchange Limited Baltic Exchange, bringing together complementary strengths of Singapore and London, two of the world’s most important maritime centres.

The parties said that the despatch of consideration and payment of the Special Dividend to Baltic Exchange shareholders is expected to take place on November 18.

Further to the announcement in late September that Mark Jackson has been appointed to the role of Chief Executive Officer of the Baltic Exchange, the parties confirmed today that he will begin his role on January 31, 2017, while Alex Lenhart, currently UK Country Manager for SGX, will serve as interim CEO.

The announcement comes less than a month after UK’s Financial Conduct Authority (FCA) granted its approval for Singapore Exchange’s acquisition of Baltic Exchange on October 13.

Following a period of extensive consultation with shareholders and other stakeholders, Baltic Exchange shareholders gave their nod to the GBP 87 million takeover by Singapore Exchange on September 26.

The acquisition is the latest in a series of mergers and acquisitions in the world of exchanges, prompted by the persistent downturn in the shipping industry.