SINGAPORE (Reuters) - Singapore Exchange Ltd (SGX) is acquiring independent index provider Scientific Beta Pte Ltd for 186 million euros ($206.35 million) in its biggest deal, in a move aimed at scaling up its index business.

In a statement on Thursday, SGX CEO Loh Boon Chye said the acquisition was complementary to SGX's indexes and opened up new product opportunities.sgx

Established by France's EDHEC Business School, Scientific Beta offers investable smart beta indexes to more than 60 asset managers, mainly in Europe and the United States.

Compared with traditional indices that pick constituents mainly based on market value, smart-beta indexes add in other factors such as volatility, earnings growth and dividends.

As of Sept. 30, there were $54.7 billion in assets replicating Scientific Beta's indices, growing more than 10 times in just under four years.

SGX said it is buying 93% of the Singapore-headquartered company for cash.

($1=0.9014 euros)

(Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman)