IntercontinentalExchange to buy NYSE for $8.2B

The New York Stock Exchange is being sold to a rival exchange for about $8.2 billion, ending more than two centuries of independence for the iconic Big Board. The buyer, IntercontinentalExchange Inc., or ICE, an upstart exchange based in Atlanta, made clear this morning that little would change on the trading floor in Manhattan’s financial district if regulators approve the deal. There will be dual headquarters in New York and Atlanta, and ICE will open an office in Manhattan. NYSE CEO Duncan Niederauer will become president of the combined company and CEO of NYSE Group. ICE says that the acquisition will create a top exchange operator covering a diverse lineup of markets and boosting efficiency. “We believe the combined company will be better positioned to compete and serve customers across a broad range of asset classes by uniting our global brands, expertise and infrastructure,” says ICE Chairman and CEO Jeffrey Sprecher, who will keep his positions under the deal. Four members of the NYSE board will be added to ICE’s board, expanding it to 15 members. The Associated Press has more details on the deal in the full story here.