NYSE Euronext (NYX) has entered into a definitive agreement to acquire, through its wholly-owned subsidiary NYSE Technologies, NYFIX, a provider of innovative solutions that optimise trading efficiency. The total value of the deal is approximately US$144m, including preferred stock consideration.
The NYX, NYSE Technologies and NYFIX boards of directors have approved the acquisition, which is subject to approval by NYFIX shareholders and customary regulatory approvals. The transaction is expected to close in the fourth quarter of 2009 and to be accretive to NYX 2010 earnings, excluding one-time deal and restructuring costs.
Upon closing, the NYFIX FIX business, incorporating the FIX software business and the NYFIX marketplace, will become part of the offerings provided by NYSE Technologies, the commercial technology division of NYX.
NYFIX chief executive Howard Edelstein said: “The agreement we have reached with NYX represents substantial value for NYFIX shareholders. This is an all cash deal at a premium to the current market for NYFIX shares. NYFIX customers will also benefit greatly through the combination of two of the industry’s leading trading communities, creating a global transaction marketplace connecting buy-side and sell-side, as well as from the strength of the NYX platform and global brand.”
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