Baltic Exchange shareholders will get £160.41 in cash for each share and a special dividend of £19.30 a share payable by the Baltic Exchange when the deal is complete, the two companies said in a statement.
The Baltic Exchange will retain its headquarters in St Mary Axe, London.
The two exchanges will maintain their existing multiple clearing house model, they said.
Baltic Exchange membership subscription fees and end user fees will remain at current levels for at least five years, as will SGX clearing fees for forward freight agreement contracts, the statement said.
Guy Campbell, chairman of the Baltic Exchange, said: "The proposed acquisition will accelerate the growth and development of the Baltic Exchange beyond what it could achieve on its own. Already a trusted business partner, SGX has committed to retaining the Baltic’s ethos as a membership organisation, retaining our London headquarters and further consolidating the Baltic’s value, influence and reach within the global shipping community."