Electronic Exchange to Buy Board of Trade
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IntercontinentalExchange Inc., an electronic marketplace for oil futures contracts and other energy derivative securities, said Thursday that it would buy the New York Board of Trade, a major trader of futures and options on commodities such as sugar, cotton, coffee and cocoa.
Atlanta-based IntercontinentalExchange, known as ICE, said it would pay about $1 billion in cash and stock for the member-owned Board of Trade. A deal between the two had been rumored amid what has been a surge in consolidation among financial markets worldwide.
The combination would unite the 6-year-old ICE, which first sold shares to the public in November, with a New York institution whose predecessor operations date to 1870.
ICE said it would pay 10.3 million of its shares and $400 million in cash. ICE shares fell 9 cents to close at $64.63 before the deal was announced.
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