British entrepreneur Oliver Hemsley's bid to acquire a majority stake in London-based Nex Exchange Ltd. has collapsed, the Financial Times reported, citing a statement from Nex Exchange's owner, CME Group Inc.
A group of investors led by Hemsley, founder and former CEO of Numis Corp. PLC, had agreed to inject £10.5 million into Nex Exchange in return for a 55% stake, valuing the trading platform at £20 million. The investment was expected to complete in the second half of the 2018/19 fiscal year, with Hemsley to replace Patrick Birley as CEO of Nex Exchange.
However, CME Group, which itself completed the purchase of Nex Group Ltd. in November 2018, said in a statement that Nex Exchange will now remain a part of the group's business and will continue to evaluate strategic options related to the firm. Birley will remain CEO.