CME to buy Nymex for $9.48 billion - Mar. 17, 2008
CME to buy Nymex for $9.48 billion
Owner of Chicago Mercantile Exchange to buy New York-based exchange for $3.4 billion in cash and $6.08 billion in stock.
CHICAGO (AP) -- CME Group Inc., which runs the Chicago Mercantile Exchange and the Chicago Board of Trade, said Monday it will buy New York Mercantile Exchange parent Nymex Holdings for about $9.48 billion, including $3.4 billion in cash and $6.08 billion of stock.
CME, the world's largest financial exchange company, is paying 12.5 million shares, valued at $6.08 billion based on the stock's Friday closing price of $486.05. Nymex (NMX) holders will receive 0.1323 Class A shares of CME Group and $36 in cash for each share outstanding.
Priced at $100.30 per share, the deal is valued at about $9.48 billion, based on roughly 94 million shares outstanding at Feb. 20. Shareholders of Nymex, which hosts trading of energy and metals contracts, will own about 18.6% of the combined company.
CME (CME) hosts trading of "futures" contracts, which allow investors to bet on swings in prices for things like gold, oil or wheat. 
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