ICE Confirms Euronext IPO Details

The separation of Euronext from the NYSE and Liffe was widely expected.

The IntercontinentalExchange Group (ICE) has released plans for the intial public offering (IPO) of Euronext, the European exchange arm of NYSE Euronext, which the Atlanta-headquartered venue operator acquired in November 2013

ICE's plans to spin off Euronext into a separate company have been hinted at since the acquisition was first announced in 2012, in which ICE also acquired the historic equities exchange and the London-based derivatives venue Liffe, both of which it will retain.

Euronext's ordinary shares will be listed on Euronext Paris, Euronext Amsterdam and Euronext Brussels, while it will also list on Euronext Lisbon after the IPO. The firm has apparently been separated from ICE since the acquisition, and the technology services it provides to Liffe will be terminated once the venue moves to ICE's platform in short order. Euronext London, another venue in the group, has applied for recognized investment exchange (RIE) status from the UK Financial Conduct Authority.

"We are very pleased to announce the IPO of Euronext. We believe that Euronext, as a leader in Europe, should operate independently and in the interests of its customers and local economies," says Jeffrey Sprecher, chairman and CEO at ICE. "Today marks an important step in that direction and is the result of significant work by our team. We will continue to work closely with our market regulators to ensure a smooth transition to independence for Euronext."

ING and Morgan Stanley are acting as joint bookrunners, with Goldman Sachs, ABN Amro Bank and Société Générale as joint global coordinators. One third of Euronext will be placed for institutions ahead of the general offering.

In related news, ICE recently announced the accelerated retirement plans of Duncan Neiderauer, CEO at the NYSE.

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