Frankfurt stock exchange operator Deutsche Boerse said Wednesday, March 16 it has agreed with the London Stock Exchange to go ahead with their planned merger to create a pan-European trading titan, AFP reports.

The highly anticipated deal includes the key terms put forward so far during talks between the two operators.

"Following approval of the supervisory board of Deutsche Boerse, the management board of Deutsche Boerse concluded an agreement on the implementation of a business combination with (the London Stock Exchange Group) LSEG under a UK holding company," the German company said in a statement.

"Moreover, the management board and the supervisory board of Deutsche Boerse consented to certain measures serving the implementation of the merger," it added.

The announcement comes as U.S.-based global markets operator Intercontinental Exchange (ICE), which owns the New York Stock Exchange, is also mulling a rival bid for the LSE.

As already proposed at the end of February, Deutsche Boerse said that the combined group would be managed by a "unitary board of the UK holding company composed of equal numbers of LSEG and Deutsche Boerse directors."

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