IntercontinentalExchange Expects Euronext's IPO In Q2

(RTTNews) - IntercontinentalExchange Group Inc. (ICE) disclosed in a regulatory filing on Tuesday that, as part of the NYSE Euronext integration, it has completed the separation of Euronext Group N.V. and NYSE Liffe businesses. It has previously announced its plan to pursue an initial public offering of Euronext, which is currently expected in the second quarter of 2014.

The company said that the intended transaction will consist of the secondary sale of part or all of Euronext's ordinary shares held by its shareholder, ICE Europe Parent Ltd or "Selling Shareholder", an indirect wholly owned subsidiary of ICE.

In addition, Euronext will offer ordinary shares, at a discount to the IPO price, to all of its eligible employees and eligible employees of its majority-owned direct and indirect subsidiaries in France, the Netherlands, Belgium, Portugal and the United Kingdom.

Before to the IPO, ICE will reach a separate transaction with respect to the ordinary shares of Euronext with a group of institutional investors or "Reference Shareholders". It is expected that the Reference Shareholders will enter into a share purchase agreement, by which the Reference Shareholders will purchase and acquire prior to the IPO a joint interest for approximately 33% of the issued and outstanding ordinary shares at a limited discount to the price of the IPO. Each Reference Shareholder will agree not to sell any of the ordinary shares it acquires for a period of three years from the pricing date of the IPO.

Euronext operates cash markets with the relevant listings, index, commodity, derivatives, data and technology businesses in Amsterdam, Brussels, London, Lisbon and Paris and continental European derivatives markets.

Euronext has agreed to clearing terms with LCH.Clearnet under which Euronext will have certain governance rights and participate in certain of the clearing revenues for derivatives contracts under a new revenue sharing agreement, which began in April 2014.