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ICE Says Euronext IPO Values Exchange at Up to $2.4 Billion

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IntercontinentalExchange Group Inc. (ICE) began the initial public offering of its Euronext NV unit, saying it will value the stock-market operator at as much as 1.75 billion euros ($2.4 billion).

ICE is selling a stake of as much as 60.15 percent of Euronext at 19 euros to 25 euros a share, the Atlanta-based company said today in a statement. Assuming exercise of an over-allotment option, the transaction will raise as much as 1.16 billion euros. Trading is expected to start June 20.

The exchange operator is spinning off Euronext after acquiring it through the purchase of NYSE Euronext in November. The operator of the Amsterdam and Paris exchanges will become independent for the first time since 2007, when it was bought by NYSE Group Inc. ICE has kept the London-based Liffe derivatives exchange. In January, Euronext valued itself at 1.5 billion euros to 1.8 billion euros, people familiar with the matter said at the time.

A group of institutional investors including ABN Amro Group NV and BNP Paribas SA that’s buying a stake will own 33.36 percent of Euronext’s stock, ICE said. The offer begins today and is scheduled to end June 18 for retail investors and June 19 for institutional investors.

Article Credit: Bloomberg

Updated 5 Years ago

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