ICE Plans to Complete NYSE Takeover Within Four WeeksNandini Sukumar
IntercontinentalExchange Inc. said it expects to complete its acquisition of NYSE Euronext within four weeks as the two exchanges press European regulators for final approval.
IntercontinentalExchange plans to close the deal on Nov. 4, the company said in a statement today. The 12-year-old energy and commodity futures bourse, known as ICE, is buying the 220-year-old exchange operator as the profitability of equities trading declines and derivatives generate more income.
The European Union approved the takeover on June 24 and Atlanta-based ICE said Oct. 2 that a committee of European regulators is “not minded to object” to the deal.
“The parties are now awaiting final approvals from the national authorities and regulatory bodies in each of the relevant European jurisdictions in order to complete the transaction,” Peter Lenardos, an analyst at RBC Capital Markets in London, wrote in a note to investors. “Since key approvals from the European Commission, the SEC and the Committee of European Regulators have been received, we expect the outstanding approvals to be granted and the deal to close as indicated.”