UK's Financial Conduct Authority (FCA) approved of Singapore Exchange's acquisition of London-based Baltic Exchange Limited on Oct. 13, the Baltic Exchange confirmed.

The approval comes on the back of the green light received from Baltic Exchange's shareholders on the GBP 87 million takeover deal following a period of extensive consultations.

The Baltic Exchange said that, after the approval of the earlier agreed scheme by Baltic Exchange shareholders on Sept. 26 and in light of the decision by the FCA, the Court Hearing to sanction the scheme, which was initially expected to be in late November 2016, has now been scheduled to take place on Nov. 7.

The acquisition is the latest in a series of mergers and acquisitions in the world of exchanges, prompted by the persistent downturn in the shipping industry, according to Reuters.

Singapore Exchange Limited (SGX) and Baltic Exchange agreed on the terms for the recommended offer by SGX for the entire issued share capital of the Baltic Exchange in late August.

Under the terms of the acquisition, Baltic Exchange shareholders will be entitled to receive GBP160.41 in cash for each Baltic Exchange Share and GBP19.30 in cash per Baltic Exchange Share as a final dividend.