CME Group, the derivatives exchange giant that owns the Chicago Mercantile Exchange, Chicago Board of Trade and the New York Mercantile Exchange, has entered into an agreement to purchase 90 percent of the Dow Jones Indexes business.

The deal is structured as a joint venture, with Dow Jones retaining a 10 percent ownership stake in the business. The joint venture will have long-term license rights to the Dow Jones name, including the Dow Jones Industrial Average, although Dow Jones will retain ownership of those brands and trademarks.

The deal values Dow Jones Indexes at $675 million, in line with expectations. The Wall Street Journal first reported that Dow Jones’ index business was up for sale in August, and assigned a possible value of $600 million to $700 million.

“We are pleased to strengthen our partnership with Dow Jones," said CME Group Executive Chairman Terry Duffy, in a statement. "Joining the resources and expertise of one of the world's leading marketplaces for equity index derivatives trading with a premier index provider is an exciting next step that will allow us to expand our index and market data offerings as well as to fuel growth opportunities in our equity index complex.

CME is purchasing a profitable business and a global brand, and one that has solid synergies with the CME business, which lists a wide variety of futures and options on Dow Jones-branded indexes.

According to the press release, the new joint venture will “raise approximately $613 million in third-party debt which will be used to pay a $607.5 million distribution to Dow Jones.”