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IntercontinentalExchange to acquire NYSE Euronext subsidiary

IntercontinentalExchange is to make a new acquisition in the clearing sector.

20 December 2012

Posted by David Gleck

Global markets and clearing houses operator IntercontinentalExchange has announced it has concluded business negotiations with equity firm NYSE Euronext for the merging of the clearing services offered by their subsidiaries ICE Clear Europe Limited and Liffe Administration and Management.

This takeover deal will mean ICE Clear Europe will become the provider of clearing services to the London market of NYSE Liffe

Co-chief executive of NYSE Liffe Finbarr Hutcheson said: "This agreement will enable us to deliver top quality clearing services through a proven futures and OTC clearing house that can securely and efficiently serve our customers, while creating new clearing opportunities."

The project was described as "exciting" by president and managing director of ICE Clear Europe Paul Swann.

Under the terms of the agreement, the total cost of the transaction will be $8.2 billion (£6.7 billion), or $33.12 per NYSE Euronext share.

One financial sector acquisition where progress is not running so smoothly is the London Stock Exchange (LSE) attempt to take over clearing house LCH.Clearnet Group.

The European Securities and Markets Authority and the European Banking Authority issued recommendations that LCH raises its capital levels, prompting the LSE to state that the two boards are "in discussions regarding the implications" of the situation.

Both Bloomberg and Reuters quoted unnamed individuals involved as saying the LSE offer is likely to be reduced by around a third.

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