Electronic Exchange to Buy Board of Trade

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.