Finance

Silver Lake to buy NYSE-owner ICE’s stake in Euroclear for 709 mln euros

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A display shows the ticker image and brand for Intercontinental Change Inc. (ICE) on the ground of the New York Inventory Change (NYSE) March 1, 2016. REUTERS/Brendan McDermid

Oct 18 (Reuters) – U.S. buyout agency Silver Lake will purchase Intercontinental Change Inc’s stake in securities settlement platform Euroclear Holding for 709 million euros ($821.7 million), the businesses stated on Monday.

Euroclear, a Brussels-based supplier of post-trade safety settlement, custody, collateral administration, fund administration and knowledge providers, has 35.2 trillion euros of property below custody.

New York Inventory Change proprietor ICE had a 9.85% stake in Euroclear.

Following the funding, which is predicted to shut within the first half of subsequent 12 months, Silver Lake needs one in all its representatives to hitch Euroclear’s board, the businesses stated.

Moelis & Co was ICE’s monetary adviser, whereas Lazard suggested Silver Lake on the deal.

($1 = 0.8628 euros)

Reporting by Niket Nishant in Bengaluru; Enhancing by Shounak Dasgupta

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