Shearman & Sterling has advised ICE (IntercontinentalExchange, Inc.) on the European aspects of the approximately US$11 billion acquisition of NYSE Euronext. The transaction combines two leading exchange groups to create a premier global exchange operator diversified across both cash and derivatives markets. The deal is notable because of the complexities of the unique, multi-headed regulatory and governance structure of the NYSE Euronext group in Europe.
Shearman & Sterling assisted ICE in the discussions and submissions process with the financial regulators and the European Commission to obtain the necessary regulatory and antitrust approvals to complete the transaction across multiple jurisdictions. This involved liaising with the Euronext “College of Regulators,” which comprises the national exchange regulators of France, the Netherlands, Belgium, Portugal and the UK.
Shearman & Sterling advised on the European regulatory, antitrust, capital markets, tax, employment and other aspects of the deal. Shearman & Sterling also worked on facilitating the transition of the clearing of LIFFE from LCH.Clearnet Limited to ICE Clear Europe.
The Shearman & Sterling regulatory team advising ICE on the acquisition was led by partner Barney Reynolds (London-Financial Institutions Advisory & Financial Regulatory) and counsel Azad Ali (London-Financial Institutions Advisory & Financial Regulatory) and included associates Anna Doyle, Aatif Ahmad, Mak Judge, Oliver Linch, Natalie Caldwell (all London-Financial Institutions Advisory & Financial Regulatory). Also included in the transaction were partners David Connolly (New York-Mergers & Acquisitions), Hervé Letréguilly (Paris-Capital Markets), Iain Scoon (London-Tax), Matthew Readings (London-Antitrust), Michael Shulman (Washington, DC-Tax), Thomas Donegan (London-Financial Institutions Advisory & Financial Regulatory), and Tobia Croff (Milan-Mergers & Acquisitions); counsel Collette Rawnsley (London-Antitrust) and Simon Letherman (London-Tax); consultant Mark Robinson (London-Intellectual Property); and associates Adam Samarillo (New York-Mergers & Acquisitions), Carsten Bernauer (Frankfurt-Mergers & Acquisitions), Edward Bong (Hong Kong-Capital Markets), George Milton, Daniela Bowry-Blum, Savas Manoussakis, Shirin Lim (all London-Antitrust), Matthew Anson (London-Mergers & Acquisitions), and Severine de la Courtie (Paris-Capital Markets); and trainees Miles Muirhead, Peter Gallagher and Sarah Badri.
