As predicted in FO Week (see FO Week
Vol 10 No 31), New York Mercantile Exchange (Nymex)
has chosen General Atlantic to acquire an
equity stake in the exchange. Nymex has announced that a
letter of intent has been signed for the private equity firm to
buy a 10% stake for $135m, valuing Nymex at
Nymex chairman Mitchell Steinhause said
in a statement that the "announcement follows a thorough review
by the board of directors to determine the best long-term
strategic direction for the exchange in a competitive and
dynamic industry". He said that "the transaction provides Nymex
with the right balance of continued autonomy, open outcry
trading protection, and an attractive valuation".
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