ICE buys Creditex

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.

The transac

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