A Chicago Based Trading Group has Acquired the Kansas City Board of Trade.

The CME Group and the KCBT announced Wednesday CME will buy the Kansas City based trading group for $126 million in cash.

The KCBT board of directors unanimously approved the transaction, which should close later these year pending approval by shareholders and regulators.

Founded in 1856, the KCBT is the world’s largest futures market for hard red winter wheat. The CME group is the world’s leading and most diverse derivatives marketplace which includes agricultural commodities.

“Throughout KCBT’s 156-year history, trading has evolved dramatically, with an increasing emphasis on technology in recent years,” said Jeff Borchardt, KCBT President and CEO. “CME Group’s position as a global leader in electronic trading access and capability makes them an ideal partner for the future of KCBT’s HRW wheat contract, the global benchmark for bread wheat.”

Included in the deal, CME will keep a committee for advice on hard red winter wheat futures for at least three years and keep the KCBT trading floor open for at least six months.