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Bolsa de Valores de Colombia closes merger with Deceval

Colombian stock exchange Bolsa de Valores de Colombia SA, or BVC, and central securities depository Deceval are now a single company, after closing their merger transaction and the exchange of shares.

As a result of the completion, Deceval is now the primary subsidiary of Bolsa de Valores de Colombia and will be in charge of integrally managing the post-trading solutions of the capital market, the stock exchange said in a filing.

The corporate integration established an exchange ratio of one Deceval share for 33,500 shares of BVC. The transaction closed with the issuance of 9,540,029,500 shares in favor of Deceval shareholders. The price of the BVC share, for the purposes of the transaction, is 25.12 Colombian pesos.

Consequently, the value of BVC is now at 708.71 billion pesos, held through 28,212,851,717 outstanding shares.

The integration is expected to generate between 7.00 billion pesos and 8.00 billion pesos in cost synergies by 2019. BVC will transfer 35% of the profits of synergies to market participants from 2018, mainly through transactional services.

The integrated company will have a board of directors composed of 13 members, seven of which are independent and six nonindependent. The change will be discussed in a Dec. 20 extraordinary shareholders' meeting.

As of Dec. 13, US$1 was equivalent to 3,018.85 Colombian pesos.