chris NYSE Euronext to Buy 5% Stake in India’s Multi Commodity Exchange | Directorship | Boardroom Intelligence
Saturday November 21, 2009
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Home > Articles & Research > M&A and Private Equity > NYSE Euronext to Buy 5% Stake in India’s Multi Commodity Exchange

NYSE Euronext to Buy 5% Stake in India’s Multi Commodity Exchange

NYSE Euronext announced last week it has signed a binding terms sheet to acquire a 5-percent stake in India’s Multi Commodity Exchange (MCX), the country’s leading commodity marketplace, subject to certain conditions.

by Joseph McCafferty | February 18, 2008

NYSE Euronext announced last week it has signed a bindingterms sheet to acquire a 5-percent stake in India’s Multi Commodity Exchange(MCX), the country’s leading commodity marketplace, subject to certainconditions.

The investment is the maximum equity interest allowed byforeign investors in derivative exchanges under current Indian law, and theclosing of the NYSE transaction is expected to take place during the first halfof this year.

“We believe that our investment in MCX will produce newbusiness opportunities for NYSE Euronext in the commodities sector and delivervalue to NYSE Euronext shareholders,” Duncan L. Niederauer, CEO of NYSEEuronext, said in a statement. “This transaction underscores our long-standingcommitment to Indiaand is consistent with our strategic business goal of aligning NYSE Euronextwith partners globally and diversifying our product portfolio.”

Currently, there are 14 corporate listings from India on NYSEEuronext markets, 12 on the New York Stock Exchange and two on Euronext, whosecombined total market capitalization exceeds $110 billion.

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