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IntercontinentalExchange Plans Euronext IPO

Stocks in this article: ICE NDAQ JPM GS MS


The IPO will restore Euronext to independence for the first time since 2007, when it was scooped up by NYSE Group for about $8.2 billion. In 2011 ICE teamed up with Nasdaq OMX Group Inc.  (NDAQ - Get Report) for an $11 billion hostile bid for NYSE Euronext, only to be blocked by U.S. regulators.

The following year, NYSE Euronext's attempt to join forces with Deutsche Borse was blocked by the European Commission (Deutsche Borse has meanwhile appealed against the EC's February 2012 veto before the EU's highest course in Luxembourg, with oral arguments scheduled for next week.)

"We believe that Euronext, as a leader in Europe, should operate independently and in the interests of its customers and local economies," IntercontinentalExchange Chairman and CEO Jeffrey Sprecher said in a statement. "Today marks an important step in that direction."

Euronext is led by CEO Dominique Cerutti, who said the IPO "marks a very important milestone, enabling us to implement our strategy as an independent business and better serve the real economy."

The institutions planning to buy the 33% Euronext stake said they are "fully supportive" of Euronext as an independent, publicly listed companies "and are pleased to be able to support Euronext as it sets out its new path."

ABN Amro, JPMorgan Chase (JPM - Get Report) and SocGen will act as joint global coordinators of the IPO, with Goldman Sachs (GS - Get Report), ING Bank NV and Morgan Stanley  (MS - Get Report) acting as joint bookrunners.

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