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News Breaks
December 20, 2012
08:28 EDTICE, NYXICE acquires NYSE Euronext for $33.12 per share in $8.2B deal
IntercontinentalExchange (ICE) and NYSE Euronext (NYX) announced a definitive agreement for ICE to acquire NYSE Euronext in a stock-and-cash transaction. Under the terms of the agreement, which was unanimously approved by the boards of both companies, the transaction is currently valued at $33.12 per NYSE Euronext share, or a total of approximately $8.2B, based on the closing price of ICE’s stock on December 19. NYSE Euronext shareholders will have the option to elect to receive consideration per NYSE Euronext share of $33.12 in cash, 0.2581 IntercontinentalExchange common shares or a mix of $11.27 in cash plus 0.1703 ICE common shares, subject to a maximum cash consideration of approximately $2.7B and a maximum aggregate number of ICE common shares of approximately 42.5M. The overall mix of the $8.2B of merger consideration being paid by ICE is approximately 67% shares and 33% cash. NYSE Euronext shareholders will own approximately 36% of ICE shares post-transaction. The transaction is expected to close in the second half 2013. The majority of run-rate expense synergies of $450M are expected to be achieved in the second full year post-closing. Earnings accretion of greater than 15% is expected in the first year post-closing. ICE will maintain dual headquarters in Atlanta and New York. New York headquarters will be located in the Wall Street building. ICE will also open a new midtown Manhattan office in June 2013. ICE intends to explore an initial public offering of Euronext as a Continental European-based entity following the closing of the acquisition if market conditions and European policy makers support the offering. Jeffrey Sprecher will continue as Chairman and CEO of the combined company and Scott Hill as CFO. Duncan Niederauer will be President of the combined company and CEO of NYSE Group. Four members of the NYSE Euronext board will be added to the ICE board which will be expanded to 15 members.
News For ICE;NYX From The Last 14 Days
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November 17, 2015
09:03 EDTICEICE Future Europe introduces white sugar futures contract in 2016
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November 16, 2015
07:40 EDTICEBGC and GFI agree to sell Trayport to Intercontinental Exchange for $650M
BGC Partners (BGCP) and its majority-owned division, GFI Group (GFIG) announced that GFI has entered into an agreement to sell its Trayport business to Intercontinental Exchange (ICE) for $650M. Trayport is a provider of trading and aggregation software primarily in the global OTC energy and commodities markets. Trayport, which is domiciled in the UK, generated revenues of approximately $80M over the twelve months ended September 30, 2015. These revenues were predominantly generated via recurring software license and subscription fees. Trayport's revenues increased by approximately 9 percent year-on-year in British pounds during the third quarter of 2015. Under the terms of the purchase agreement, Intercontinental Exchange will acquire the equity of the companies that comprise the Trayport business. The GFI sellers will receive $650 million in ICE common shares based on the closing stock price on November 13, 2015. The aggregate number of ICE common shares is approximately 2.5 million, and up to approximately 0.8 million additional ICE common shares based on a sliding scale from $193.85 to $258.47 in the event that ICE's weighted average stock price over a specified period leading up to closing is less than $258.47. GFI will have the right to sell its ICE common shares pursuant to a registration rights agreement. ICE may elect to substitute cash for part or all of the stock consideration owed to the GFI sellers. The transaction is subject to certain closing conditions, including receipt of required regulatory approvals. The transaction is expected to close as early as the first quarter of 2016, subject to receipt of such approvals. After the close of the transaction, BGC and GFI are expected to remain customers of Trayport. The net tax the Company will pay with respect to the transaction is expected to be at a rate of 15 percent or less. The one-time gain will be reflected in BGC's consolidated results under U.S. generally accepted accounting principles, but will be excluded from the Company's results for distributable earnings.
07:32 EDTICEIntercontinental Exchange to buy Trayport from BGC, GFI for $650M
Intercontinental Exchange (ICE) announced that it has entered into a definitive agreement to acquire Trayport for $650M in ICE common stock. Trayport is a subsidiary of GFI Group (GFIG), which was acquired by BGC Partners (BGCP) in March 2015. Trayport licenses its technology platform to serve brokers for electronic and hybrid trade execution primarily in the European over-the-counter utility markets. The transaction will enable ICE to provide new services to the European OTC energy markets, including European power, natural gas and coal. The $650M purchase price will be paid with 100% equity consideration comprising approximately 2.5M shares of ICE common stock. ICE anticipates an immaterial impact to 2016 adjusted earnings per share. The agreement was unanimously approved by the Boards of Directors of both companies. The transaction is expected to close in the first quarter of 2016, subject to the completion of closing conditions and receipt of applicable regulatory approvals.

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