NYSE No More

The Intercontinental Exchange (ICE) announced that it would purchase the NYSE for $33.12 a share, a 38 percent premium over its market value. ICE, which operates commodities and derivatives markets around the world, was formed in 2000 yet has a larger market value than the NYSE. ICE intends to spin off many of the European operations into a separate company. Although the particulars of the spinoff were not announced, it appears that much of the spinoff will include assets acquired in the Euronext acquisition made by the NYSE only five years ago. NYSE shareholders will own 36 percent of the combined company after the acquisition.