Deals
NYSE Cedes Autonomy to 12-Year-Old Market That Grew Fivefold
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The owner of the New York Stock Exchange, whose trading floor helped fuel Warren Buffett’s fortune and financed industries from shipping to semiconductors, is about to be bought by a 12-year-old energy market operator founded with money from a legal settlement.
IntercontinentalExchange Inc. agreed to buy NYSE Euronext for $8.2 billion in cash and stock after its own shares surged fivefold since going public in 2006. Chief Executive Officer Jeffrey Sprecher will lead the combined company that includes the biggest U.S. equity market company and second-largest European futures exchange, with NYSE’s Duncan Niederauer relegated to president, according to a statement yesterday.