Source: Nymex
NYMEX Holdings, Inc. (NYMEX) announced that its shareholders overwhelmingly approved today the transaction by which General Atlantic LLC (GA) will invest $160 million for a 10% equity stake in NYMEX. Of the total shares voted at today's special meeting of NYMEX shareholders, over 93% voted in favor of the transaction. NYMEX and GA expect to complete the transaction, which values NYMEX's equity at $1.6 billion, tomorrow, March 14, 2006.
"We are pleased that our members and shareholders agree that General Atlantic is the best partner to help us make NYMEX more valuable through a possible IPO and over the long–term," said Mitchell Steinhause, Chairman of NYMEX. "The Board looks forward to working with our new partners at General Atlantic to build on NYMEX's success and position the Exchange for continued growth well into the future."
"We are excited to begin working with NYMEX to continue the strong momentum at the Exchange," said Bill Ford, President of General Atlantic, who will join the NYMEX Board of Directors upon completion of the transaction. "We appreciate the confidence and support the NYMEX members and shareholders have shown us. Our goal is to help NYMEX extend its leading competitive position in the energy and metals market and to create lasting value for its stakeholders. We look forward to a long and successful partnership."