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ICE Says Euronext IPO May Value Unit at Up to $2.4 Billion

Amsterdam Stock Exchange
Financial traders monitor data on computer screens at the Amsterdam Stock Exchange, operated by Euronext NV, in Amsterdam. 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. Photographer: Jasper Juinen/Bloomberg

June 10 (Bloomberg) -- Intercontinental Exchange Inc. 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. In January, Euronext valued itself at 1.5 billion euros to 1.8 billion euros, people familiar with the matter said at the time.

ICE, which changed its name from IntercontinentalExchange Group Inc. within the past month, is keeping the London-based Liffe derivatives exchange. Euronext’s computer-support services to the unit will end once Liffe switches to ICE’s technology platform this year, the company said.

A group of institutional investors, including ABN Amro Group NV and BNP Paribas SA, which is 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. Stock will be offered via IPOs in Belgium, France, the Netherlands and Portugal and via private placement in the U.S. and some other markets, ICE said.

(A previous version of this story was corrected to reflect the parent company’s new name.)

To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net

To contact the editors responsible for this story: David Risser at drisser@bloomberg.net Tom Lavell

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