NEW YORK (TheStreet) -- IntercontinentalExchange says its Euronext nit would be valued at up to roughly $2.4 billion following its initial public offering later this month.
IntercontinentalExchange (ICE) said its Euronext unit would be valued at up to about $2.4 billion following its upcoming initial public offering.
The exchange is selling a stake of up to about 60% of Euronext at 19 euros to 25 euros a share. Shares are expected to start trading on June 20 in Paris, Amsterdam and Brussels, with Lisbon to follow by the end of the year. The spinoff will make Euronext independent for the first time since it was purchased by New York Stock Exchange in 2007.
ICE took over Euronext in November when it completed its $11 billion acquisition of NYSE Euronext. That takeover was approved on the condition by European regulators that ICE kept a 25% stake in Euronext for three years, or found appropriate investors to replace it.
In addition, a group of institutional investors that includes BNP Paribas and Societe Generale said it would buy a roughly 33% stake in Euronext's stock.
In New York, I'm Brittany Umar for TheStreet.
-- Written by Brittany Umar in New York.