NYSE Euronext Acquires Stake in Market for Corporate Receivables
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.
To contact the reporter on this story: Nikolaj Gammeltoft in New York at ngammeltoft@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net
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