NYSE Euronext’s chief operating officer Lawrence Leibowitz said on May 4 it had sold its 5% stake in the National Stock Exchange of India for gross proceeds of $175m after the stake failed to produce strategic benefits. The buyer is Temasek Holdings, the Singaporean government investment company.
NYSE bought the stake in 2007 for $115m. "When we first made
the investment, we thought of it as a strategic investment.
What we found over time was that there weren’t a
lot of strategic avenues open to us with NSE," Leibowitz
He said that once it became obvious that the 5% holding was not
opening the doors NYSE Euronext had hoped for, it decided to
"We had a lot of respect for the management there. They run a
very good business," he said. "But it looked to us like it was
turning into just a financial investment, at which point we
said, 'Well, that’s not the business
we’re in.’ We decided that the best
use of our capital would be to cash out and pay down the