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GTCR closes in on American Stock Exchange deal29/05/2003. Source: AltAssets. 
 US private equity firm GTCR Golder Rauner has moved a step closer to finalising the acquisition of American Stock Exchange. Amex's parent company NASD has given preliminary approval to the deal despite a recent overture from Chicago Board Options Exchange (CBOE).
CBOE, the highest-volume exchange including index options, recently proposed a strategic combination with Amex. CBOE proposed the merger in order to win back market share from the all-electronic International Securities Exchange, the current leader in equity options, according to a report by Reuters.
NASD purchased Amex in 1998 and marketed the merger as a way to lower fees for investors who could choose if they wanted their shares traded on Amex, which uses a floor-based auction system, or the Nasdaq Stock Market, where traders compete for orders electronically.
But the benefits of the deal failed to materialise and NASD proposed the spinning off of Nasdaq and later Amex. Amex has now been up for sale for two years.
GTCR has invested more than $2.3bn in over 150 companies since its inception in 1980. Today the firm manages $4.8bn in both equity and mezzanine funds. GTCR is currently raising its eighth fund.
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