Davis Polk is advising Bats Global Markets, Inc. on its approximately $3.2 billion acquisition by CBOE Holdings, Inc. The transaction, which is expected to close in the first half of 2017, is subject to customary closing conditions, including the approval of the stockholders of both companies, and receipt of required regulatory clearances and approvals.

Bats is the second-largest stock exchange operator in the United States and operates the largest stock exchange and trade reporting facility in Europe. CBOE Holdings is the holding company for Chicago Board Options Exchange, CBOE Futures Exchange and other subsidiaries.

The Davis Polk corporate team includes partners Leonard Kreynin and Lee Hochbaum and associates Reid B. Fitzgerald and Dylan A. Consla. Partner Jean M. McLoughlin is providing executive compensation advice. Partner Neil Barr is providing tax advice. Partner Annette L. Nazareth and counsel Zachary J. Zweihorn are providing regulatory advice. Partner Lawrence E. Wieman is providing credit advice. Partner Pritesh P. Shah is providing intellectual property and technology advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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