SEC approves $8 billion sale of NYSE Parent to ICE

SEC approves $8 billion sale of NYSE Parent to ICE
# 17 August 2013 09:44 (UTC +04:00)

The deal is a symbol of how financial markets are being increasingly reshaped by high technology, APA reports quoting The Associated Press.

The Securities and Exchange Commission disclosed Friday that it's authorized the takeover of the two-centuries-old NYSE's parent by Atlanta-based IntercontinentalExchange, or ICE. The rival acquiring company, founded in 2000, has expanded rapidly through acquisitions during the past decade.

The SEC said in a filing that it's determined that the merger of the exchanges would comply with securities laws and regulations.

The merger also must be approved by regulators in Europe. The NYSE's parent is NYSE Euronext, which includes stock exchanges in Europe. The European Commission, the executive body of the 28-nation European Union, gave its approval in June.

The deal is expected to close in the fall.

For each share of NYSE Euronext stock they own, shareholders would be able to choose either $33.12 in cash, about a quarter-share of ICE, or a combination of $11.27 in cash and around one-sixth of a share of ICE.

ICE's offer was valued at $8 billion when it was announced in December. Based on ICE's current share price, the deal would be worth about $10 billion.

ICE (ICE) shares were up $1.12 at $181.47 in trading Friday. NYSE Euronext (NYX) shares rose 22 cents to $42.07.