New York Mercantile Exchange (Nymex) was expected to approve
a plan to take on Blackstone Group as an equity partner and
push ahead with an initial public offering last week, FO
Week has learned.
Sources said Blackstone will take a 20% equity stake in the
exchange, the value of which was still being calculated. FO
Week also learned that exchange executives inked contracts
last week with investment banks Lehman Brothers and JPMorgan to
handle the deal and IPO.
The deal was expected to be approved at a board of directors
meeting last Thursday, after press time. The move was not
unexpected for Nymex. The exchange said on 21 April that it
received interest from two private equity firms and was
reviewing the possibilities (see FO Week Vol 10 No
16). Nymex member Mark Fisher held a member's meeting late in
March, advocating a partnership with Blackstone.
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