TITLE

With Archipelago, Big Board Bets on Electronic Trading

PUB. DATE
April 2005
SOURCE
Investment Dealers' Digest;4/25/2005, Vol. 71 Issue 16, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that the New York Stock Exchange (NYSE) made a big bet that future growth lies with electronic trading when it agreed last week to acquire Chicago-based electronic trading operator Archipelago Holdings. The deal, which will also turn the NYSE into a public company, has Goldman Sachs's fingerprints all over it. The new company, to be called NYSE Group, is being valued at about $3.5 billion, a figure that includes a 30% premium for Archipelago shareholders. Current members of the NYSE will hold a 70% stake, while holders of Archipelago will get 30%, NYSE seat holders will also receive $400 million in cash.
ACCESSION #
16847772

 

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