Intercontinental Exchange Inc. Sells Its Euronext Stake for €96.8 Million

According to a company announcement, the Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (NYSE: ICE) is marking its final exit from its investment in Euronext N.V. The firm sold its remaining 6% stake of Euronext’s share capital totaling 4.2 million shares to institutional investors.

The company used an accelerated bookbuild technique to dispose of its shares and has sold them for €96.8 million.

The Intercontinental Exchange Inc (NYSE:ICE) acquired the NYSE Euronext for $8.2 billion back in late 2012. Since then, the company’s CEO, Jeffrey Sprecher, has subsequently decided to float its European unit, while keeping the NYSE.

ICE received a waiver of the lock-up agreement entered into at the time of the Euronext initial public offering in June 2014, which was due to expire on December 21, 2014.

Following the sale, the Intercontinental Exchange (NYSE:ICE) will no longer hold any of Euronext’s share capital and voting rights. The transaction marks the final exit from Euronext in line with its previously announced strategy.

Euronext is the operator of stock markets in Amsterdam, Brussels and Paris. The company’s shares traded close to 4% higher throughout the day while the company’s valuation has risen 23% since the initial public offering in June.