ICE moves into CDS market with Creditex buyout
Atlanta-based Intercontinental Exchange (ICE), the electronic commodity exchange with interests in the derivatives and over-the-counter markets, is to acquire Creditex, the CDS processing company.
Worth a total of $625 million, the agreement comprises $565 million in ICE common stock and $60 million in cash. All but $10 million of the cash component will go to Creditex employees holding the company's stock, with the rest going to Creditex's other shareholders in lieu of shares of ICE common stock
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