As predicted in FO Week, on 20 September New York
Mercantile Exchange (Nymex) chose General Atlantic (GA) in its
long-running sweepstakes for a private equity investor firm
(see FO Week Vol 10 No 31). Nymex's board gave GA the
initial green light to acquire a 10% stake in the exchange for
The deal, which was last week at letter of intent status,
valued Nymex at $1.35bn post-investment and will be unveiled to
Nymex shareholders on 29 September. It required formal
completion with the buyout firm and approval by exchange
shareholders and Commodity Futures Trading Commission (CFTC),
the exchange said.
It added that it expected the net proceeds from the
investment to be distributed to Nymex shareholders.
Given shareholder and CFTC approvals, the exchange will
conclude a topsy-turvy process that included a bid from
Blackstone Group and Battery Ventures, as well as a late offer
led by former Nymex chairman Michel Marks.
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.