CHICAGO, Aug. 22 /PRNewswire-FirstCall/ -- CME Group Inc. (Nasdaq: CME)
today announced that it has completed its acquisition of NYMEX Holdings, Inc.
(NYSE: NMX). The combined companies will provide customers around the world
with access to all major benchmark asset classes, including interest rates,
equity indexes, foreign exchange, energy, agricultural commodities and metals.
CME Group Class A common stock will continue to trade on the NASDAQ under the
ticker symbol 'CME.' NYMEX Holdings, Inc. common stock is being delisted and
will no longer trade on the NYSE.
The merger creates a company with pro forma 2007 annual revenue of $2.7
billion and average trading volume of approximately 14.2 million contracts per
day in the first two quarters of 2008. Customers from more than 85 countries
trade CME Group products, primarily electronically. Corporate headquarters of
the combined company will remain in Chicago at 20 S. Wacker Drive. CME
Group's New York office will be located at the NYMEX World Headquarters, One
North End Avenue.
'We are extremely pleased to complete our transaction and welcome NYMEX
and COMEX into CME Group,' said CME Group Executive Chairman Terry Duffy.
'This is another milestone for CME Group and NYMEX in our long and successful
histories. Together, we will continue operating the largest and most diverse
derivatives exchange in the world. We are extremely grateful for the support
of NYMEX shareholders, members and employees. As a united company, we are well
positioned for a new phase of growth, innovation and product development that
will benefit our customers, shareholders and market users around the world.'
'We are very proud to have now completed the consolidation of three of the
world's most important and successful derivatives exchanges,' said CME Group
Chief Executive Officer Craig Donohue. 'Our NYMEX and COMEX acquisition
further strengthens CME Group's leading position in global financial markets
and provides significant and valuable new growth opportunities for our
shareholders, customers and members. CME Group has a strong track record of
delivering cost synergies and realizing revenue and growth opportunities from
consolidation transactions and we now look forward to the integration of our
two great companies.'
Under the terms of the agreement, NYMEX Holdings, Inc. stockholders as of
the closing will receive, at their election, consideration in cash, stock or a
combination of cash and stock, subject to proration as described below. The
cash consideration per share of NYMEX Holdings common stock is $81.16. The
stock consideration will be equal to 0.2378 shares of CME Group Class A common
stock for each share of NYMEX Holdings common stock. Cash will be paid in
lieu of fractional shares. Preliminary election results indicate that the
following elections were made with respect to NYMEX Holdings common stock (i)
approximately 58 million shares for stock elections, (ii) approximately 29
million shares for cash elections and (iii) no elections with respect to
approximately 8 million shares.
