NEW YORK (AFP) — NYSE Euronext said Thursday it has agreed to acquire the American Stock Exchange, known as Amex, in a 260-million-dollar all-stock deal.
New York-based NYSE Euronext said it expects the acquisition to add to its 2009 earnings.
The proposed combination, which has been approved by both companies' boards, will expand NYSE Euronext's scale in US options, exchange-traded funds, closed-end funds, structured products and cash equities, the exchange group noted.
The deal is expected to create annualized cost synergies of more than 100 million dollars within two years from closing, the company said.
NYSE Euronext also said it plans to sell Amex's lower Manhattan headquarters. Amex members will be entitled to receive additional NYSE Euronext shares based on the net proceeds from the expected sale.
Amid growing consolidation in financial exchanges, NYSE Euronext was created in a merger last year of the New York Stock Exchange and the pan-European operator Euronext.
Copyright © 2009 AFP. All rights reserved. More »
