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NYSE Euronext (NYX) today announced the completion of its acquisition, through NYSE Technologies, of NYFIX, Inc. (Nasdaq: NYFX), a leading provider of innovative solutions that optimize trading efficiency, in an all-cash deal for approximately $144 million, or $1.675 per common share without interest plus preferred stock consideration. This acquisition expands NYSE Euronext’s pre-trade product offering and global buy-side and sell-side communities.
With the completion of the acquisition, the NYFIX FIX business, which incorporates the company’s NYFIX Marketplace and the industry-leading FIX Software business, now becomes part of the offerings of NYSE Technologies. NYFIX Euro Millennium operations will cease immediately with a view to customers bringing their liquidity to SmartPool, the European dark liquidity venue created by NYSE Euronext in partnership with leading investment banks. The NYFIX Transaction Services U.S. electronic agency execution business comprised of its direct market access and algorithmic products and the Millennium Alternative Trading System, as previously announced, are being acquired by ConvergEX, subject to customary closing conditions, including regulatory approvals.
“The natural synergies born of this combination should prove beneficial for our customers and shareholders,” said Larry Leibowitz, Group Executive Vice President, Head of US Markets and Global Technology, NYSE Euronext. “This transaction complements our strategic corporate goals and expands our points of connectivity with customer trading communities. We would also like to recognize the efforts of NYFIX employees who helped to pioneer electronic trading and welcome the NYFIX community to NYSE Euronext.”
“With the NYFIX Marketplace, NYSE Technologies now provides a vital and unique connectivity link between the buy-side and sell-side at the point of origin in the trade flow process,” said Stanley Young, Chief Executive Officer of NYSE Technologies and co-CIO, NYSE Euronext. “This includes more than 450 buy-side institutions and more than 600 sell-side institutions, and connections to exchanges and other electronic trade execution venues around the world.”
NYSE Euronext’s acquisition of NYFIX was announced on Aug. 27, 2009 and was approved by NYFIX stockholders on Nov. 3, 2009.
To view video of Mr. Young with Bob Moitoso, Senior Vice President, NYSE Technologies Marketplace, addressing the acquisition, go to: http://www.nyse.com/attachment/nyfix1.htm. To view video of Lee Hodgkinson, Chief Executive Officer of Smartpool, go to: http://www.nyse.com/attachment/nyfix2.htm.
Please visit http://www.nyse.com/nyfix for more info on NYSE Technologies and the NYFIX integration.
Citigroup acted as financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor to NYSE Euronext on this transaction. NYFIX was represented by Evercore Partners as financial advisor and WilmerHale as legal advisor. The NYFIX Special Committee was advised by Greenhill & Co., LLC as financial advisor and Covington & Burling LLP as legal counsel. Evercore Partners provided a fairness opinion to NYFIX's Board of Directors and Greenhill & Co. provided a fairness opinion to the NYFIX Special Committee and to NYFIX’s Board of Directors.
