CBOE/Bats deal becomes official

• As floated late last week, BATS:CBOE has agreed to purchase Bats Global Markets (BATS) in a cash (31%) and stock (69%) deal valued at about $3.2B, or roughly $32.50 per Bats share. Bats closed at $31.80 on Friday.
• CBOE expects to realize $50M of expense synergies within three years of closing, increasing to $65M within five years.
• The deal should be accretive to adjusted EPS in year one.
• Bats CEO Chris Concannon will become president and COO of the combined company. CBOE CEO Edward Tilly will remain CEO.
• A conference call is set for 8 ET.