NYSE Euronext (NYX) acquired a minority stake in the Receivables Exchange as part of a plan to increase its role helping companies get short-term funding.
The purchase, disclosed in a statement today, gives NYSE Euronext access to the $17 trillion market for accounts receivable, or bills to customers. The New Orleans-based firm operates an online market where companies can sell debts and other obligations owed by customers. NYSE Euronext, the New York-based exchange operator that Frankfurt-based Deutsche Boerse AG (DB1) has agreed to buy, didn’t say how much of the privately held company it bought or what it paid.
Paul DeDomenico, a former executive at the lending unit of General Electric Co., will lead the corporate receivables program, the statement said.
Shares of NYSE Euronext rose 0.7 percent to $25.30 at 9:34 a.m. in New York. Before today, the stock had lost 16 percent this year.
Frankfurt-based Deutsche Boerse agreed to buy NYSE Euronext on Feb. 15 to create the world’s largest exchange operator. The merger is awaiting regulatory approvals.
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