Arab Today, arab today intercontinental exchange to buy idc in 52bn deal
Last Updated : GMT 21:25:16
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Intercontinental Exchange to buy IDC in $5.2bn deal

Arab Today, arab today

Arab Today, arab today Intercontinental Exchange to buy IDC in $5.2bn deal

ICE, whose network of exchanges includes the New York Stock Exchange
New York - AFP

Global markets operator Intercontinental Exchange said Monday it was buying Interactive Data Corporation in a $5.2 billion cash-and-stock deal to expand its financial data services.

ICE, whose network of exchanges includes the New York Stock Exchange and the London futures exchange where Brent, the global oil benchmark, is traded, said it was buying IDC from US investment funds Silver Lake and Warburg Pincus.

"This transaction furthers our expansion into meeting the financial information needs of our market participants globally," said ICE chairman and chief executive Jeffrey Sprecher in a statement.

"With our diverse markets across virtually all asset classes, IDC will enable us to address more growth opportunities by leveraging the distribution and reach of our complementary global platforms for trading, clearing and data on a combined basis."

Based in Bedford, Massachusetts, IDC provides financial data to financial institutions, traders, and software and service providers. It has more than 2,400 employees worldwide.

ICE, headquartered in Atlanta, Georgia, owns and operates 11 exchanges and seven clearing houses.

ICE said the boards of both companies had approved the acquisition, which is subject to regulatory approval. The transaction is expected to close by the end of the year.

Under the terms of the agreement, IDC shareholders will receive $3.65 billion in cash and $1.55 billion in ICE shares.

Shares in ICE were down 1.2 percent at $245.92 in afternoon trade on the NYSE.

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