Key Developments: Intercontinentalexchange Group Inc (ICE.N)
12 Dec 2013
Latest Key Developments (Source: Significant Developments)
Reuters reported that IntercontinentalExchange Group Inc plans to spin off Euronext by next summer and to wind down the Big Board parent's technology business. Expense savings from combining the companies are now expected to be $500 million, versus earlier estimates of $450 million, and the headcount of the merged company will fall to around 2,600 or 2,700, down from around 4,100 at present, ICE executives told analysts on a conference call. Full Article
Financial Technologies (India) Ltd's FTSPL Announces Sale Of SMX And SMX CC To Intercontinentalexchange Group Inc's ICE Singapore Holdings Pte. Ltd.
Financial Technologies (India) Ltd announced that Financial Technologies Singapore Pte. Ltd., (FTSPL), a wholly owned subsidiary of Financial Technologies (India) Ltd. (FTIL) announced on November 18, 2013, the sale of 100% of its equity ownership in SMX (together with its wholly owned subsidiary SMX CC) to ICE Singapore Holdings Pte. Ltd., an entity owned by the Intercontinentalexchange Group Inc for USD150 million. The transaction was approved by the Board of Directors of FTSPL and FTIL on November 18, 2013 with signing of definitive agreements and is subject to certain customary closing conditions and approvals. Full Article
IntercontinentalExchange Group Inc announced acquisition of NYSE Euronext. The stock-and-cash transaction has a total value of approximately $11 billion. Full Article
NYSE Euronext announced that it has provided the following statements and timeline for the completion of its acquisition by IntercontinentalExchange, Inc. ICE and NYSE Euronext have all the regulatory approvals necessary to proceed with closing their previously announced transaction and intend to close the transaction on November 13, 2013. Trading in IntercontinentalExchange, Inc. stock and NYSE Euronext stock will cease at the end of the trading day on November 12, 2013 and trading in IntercontinentalExchange Group, Inc. stock will begin on November 13, 2013 under the ticker symbol "ICE" and will continue to trade on the New York Stock Exchange. The new ICE stock CUSIP number will be 45866F 104. Under the terms of the Merger Agreement, shareholders of NYSE Euronext had the option to elect to receive for each share of NYSE Euronext common stock (except for excluded shares and dissenting shares as more particularly set forth in the Merger Agreement): A number of validly issued, fully paid and non-assessable shares of the Company's common stock, par value $0.01 per share (each, an "ICE Group Share") equal to 0.1703 and an amount of cash equal to $11.27, without interest (together, the "Standard Consideration"); An amount in cash equal to $33.12, without interest (the "Cash Consideration"); or A number of ICE Group Shares equal to 0.2581 (the "Stock Consideration"). Full Article
Les Echos reported that Intercontinentalexchange Inc's acquisition of NYSE Euronext was not completed on November 4, 2013 as had been expected. The two companies announced the postponement of the completion of the acquisition while they wait to receive approvals from market regulators and Finance Ministries in Europe. The companies expect to have the necessary approvals in the coming days. Full Article
IntercontinentalExchange Inc announced that it provided the following statement and timeline for completing its acquisition of NYSE Euronext. ICE and NYSE Euronext have established a closing date of November 4, 2013 for their previously announced transaction. The November 4, 2013 closing date is predicated upon the receipt by IntercontinentalExchange and NYSE Euronext of remaining European regulatory approvals prior to such date, and may be extended to a later date by further public announcement should any necessary approvals remain outstanding at such date. Full Article
Reuters reported that Intercontinentalexchange Inc said that it has taken emergency measures to assess premiums and discounts for its October cotton contract CTV3 due to the closure of the U.S. Department of Agriculture (USDA). If the premiums and discounts, which are published by the USDA, are not available by the specific notice day for delivery against the contract, the exchange will use the most recent USDA data published. The USDA released its last data on September 30 before closing due to the partial federal government shutdown. It is unclear when government offices may reopen. The last delivery date for the October contract, which expires on October 9., is October 23, according to the exchange's website. Full Article
Reuters reported that Intercontinentalexchange Inc plans to launch an international cotton contract in early 2014. The new contract will be listed alongside The Company's existing contract, which is used as a benchmark for global prices and accepts only cotton grown in the United States. The other origins are still to be finalized. Full Article
Intercontinentalexchange Inc and NYSE Euronext announced that the Chairmen's Committee of Euronext Regulators have issued a letter to ICE and NYSE Euronext indicating that they are "not minded to object" to the proposed merger between ICE and NYSE Euronext. ICE and NYSE Euronext now await final approvals to be issued by national authorities and regulatory bodies in each of the relevant European jurisdictions in order to complete the transaction. Full Article
Intercontinentalexchange Inc announced that its subsidiary IntercontinentalExchange, Group (ICE Group) priced an underwritten public offering of $1.4 billion in new senior notes. The senior notes comprise $600 million in aggregate principal amount of 2.50% Senior Notes due 2018 and $800 million in aggregate principal amount of 4.00% Senior Notes due 2023.The offering is being made under a shelf registration statement and is expected to close on October 8, 2013, subject to customary closing conditions. The net proceeds from the offering, together with cash on hand and borrowings under ICE's existing credit facility, will finance the cash portion of the purchase price of NYSE Euronext under the terms of the merger agreement announced on December 20, 2012, as amended and restated on March 19, 2013. The joint book-running managers for the offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, BMO Capital Markets Corp. and Mitsubishi UFJ Securities (USA), Inc. The co-managers for the offering are BBVA Securities Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Regions Securities LLC and U.S. Bancorp Investments, Inc. Full Article
FRANKFURT, Nov 21 - The European Union securities market regulator is unlikely to interfere with IntercontinentalExchange Group's (ICE) planned spin-off of newly acquired Euronext, the watchdog said on Thursday.