NEW YORK--(BUSINESS WIRE)--NYSE Euronext (NYX) today announced the completion of its acquisition, through NYSE Technologies, of NYFIX, Inc. (Nasdaq: NYFX), a leading provider of innovative solutions that optimize trading efficiency, in an all-cash deal for approximately $144 million, or $1.675 per common share without interest plus preferred stock consideration. This acquisition expands NYSE Euronext’s pre-trade product offering and global buy-side and sell-side communities.
With the completion of the acquisition, the NYFIX FIX business, which incorporates the company’s NYFIX Marketplace and the industry-leading FIX Software business, now becomes part of the offerings of NYSE Technologies. NYFIX Euro Millennium operations will cease immediately with a view to customers bringing their liquidity to SmartPool, the European dark liquidity venue created by NYSE Euronext in partnership with leading investment banks. The NYFIX Transaction Services U.S. electronic agency execution business comprised of its direct market access and algorithmic products and the Millennium Alternative Trading System, as previously announced, are being acquired by ConvergEX, subject to customary closing conditions, including regulatory approvals.
“The natural synergies born of this combination should prove beneficial for our customers and shareholders,” said Larry Leibowitz, Group Executive Vice President, Head of US Markets and Global Technology, NYSE Euronext. “This transaction complements our strategic corporate goals and expands our points of connectivity with customer trading communities. We would also like to recognize the efforts of NYFIX employees who helped to pioneer electronic trading and welcome the NYFIX community to NYSE Euronext.”
“With the NYFIX Marketplace, NYSE Technologies now provides a vital and unique connectivity link between the buy-side and sell-side at the point of origin in the trade flow process,” said Stanley Young, Chief Executive Officer of NYSE Technologies and co-CIO, NYSE Euronext. “This includes more than 450 buy-side institutions and more than 600 sell-side institutions, and connections to exchanges and other electronic trade execution venues around the world.”
NYSE Euronext’s acquisition of NYFIX was announced on Aug. 27, 2009 and was approved by NYFIX stockholders on Nov. 3, 2009.
To view video of Mr. Young with Bob Moitoso, Senior Vice President, NYSE Technologies Marketplace, addressing the acquisition, go to: http://www.nyse.com/attachment/nyfix1.htm. To view video of Lee Hodgkinson, Chief Executive Officer of Smartpool, go to: http://www.nyse.com/attachment/nyfix2.htm.
Citigroup acted as financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor to NYSE Euronext on this transaction. NYFIX was represented by Evercore Partners as financial advisor and WilmerHale as legal advisor. The NYFIX Special Committee was advised by Greenhill & Co., LLC as financial advisor and Covington & Burling LLP as legal counsel. Evercore Partners provided a fairness opinion to NYFIX's Board of Directors and Greenhill & Co. provided a fairness opinion to the NYFIX Special Committee and to NYFIX’s Board of Directors.
About NYSE Technologies
A division of NYSE Euronext (NYX), NYSE Technologies provides comprehensive transaction, data and infrastructure services and managed solutions for buy-side, sell-side and exchange communities that require next-generation performance and expertise for mission critical and value-added client services. This division operates four units: the Global Connectivity unit, offering one of the world's largest, most reliable financial transaction networks connecting firms and exchanges worldwide; the Trading Solutions unit, which creates and implements high performance, end-to-end messaging software and real-time market data distribution and integration products; the Exchange Solutions unit, which provides multi-asset exchange platform services, managed services and expert consultancy; and the Global Market Data unit, which offers a broad array of global market information products covering multiple asset classes. With offices across the U.S., Europe, and Asia, NYSE Technologies' advanced integrated solutions for a wide range of services has earned the ability to power the trading operations of global financial institutions and exchanges. For additional information visit: http://www.nyse.com/technologies.
SmartPool Trading Limited is a UK registered company providing a European dark pool for the execution of institutional order flow. Created by NYSE Euronext in partnership with J.P. Morgan, HSBC and BNP Paribas, SmartPool is a Multi Lateral Trading Facility (MTF) approved and regulated by the Financial Services Authority (FSA). Headquartered in London, SmartPool has its own management team and an independent board of directors. For further information, please visit: www.tradeonsmartpool.com.
Forward Looking Statements
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Voltaire's plans, objectives and expectations for future operations and are based upon management's current estimates and projections of future results or trends. They also include third-party projections regarding expected industry growth rates. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. These factors include, but are not limited to, those discussed under the heading "Risk Factors" in Voltaire’s annual report on Form 20-F for the year ended December 31, 2008. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.