NYSE Euronext and Deutsche Boerse Merger

On February 15, 2011, NYSE Euronext (NYSE: NYX) entered into a merger agreement with Deutsche Boerse AG (OTC: DBOEY).

Under the terms the agreement, each NYSE Euronext share will be converted into 0.4700 of a share of the new holding company, On the Deutsche Boerse side, the new holding company will launch a public exchange offer, in which shareholders of Deutsche Boerse may tender their shares of Deutsche Boerse for an equal number of shares of the new holding company.

Upon completion of the deal, the former Deutsche Boerse shareholders would own 60% of the combined group and the former NYSE Euronext shareholders would own 40% of the combined group on a fully diluted basis and assuming that all Deutsche Boerse shares are tendered in the exchange offer.

Each Deutsche Boerse share will be exchanged for one share of the new company.  Each NYSE Euronext shares will be exchanged for 0.47 shares of the new company.

The transaction is expected to close by the end of 2011.

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