CME Merges with NYMEX

Exchanges have signed agreement for CME to acquire NYMEX.

CME Group, Inc. announced Monday that it has agreed to acquire Nymex Holding, Inc. for somewhere between $8.9 and $9.5 billion in cash and stock. The move gives CME control of 98% of U.S. exchange-traded contracts and is the largest ever merger of U.S. and global exchanges.

In the deal, shareholders in Nymex can choose to take cash or stock for their shares, up to $3.4 billion in cash. According to the companies that figure could be increased if shareholders elect to take more than $3.4 billion in cash. Nymex must also buy back at least 75% of trading rights from its members for the deal to be completed.

They have made an offer to members for 816 trading rights for $500 million, which works out to about $612,000 per right. The deal is also subject to regulatory and anti-trust approval as well as a vote of shareholders.

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