Oct. 1 (Bloomberg) -- Qatar Holding LLC, a unit of the emirate’s sovereign wealth fund, bought NYSE Euronext’s 12 percent stake in the Qatar Exchange to become its sole owner.
The sale comes after achieving all the “strategic goals” identified for the exchange when NYSE bought a 20 percent stake in June 2009, according to an e-mailed statement today from the two companies. Financial details of the deal weren’t given. NYSE Euronext paid $200 million for the stake four years ago.
NYSE Euronext assisted with reforms at the Qatar Exchange that helped almost double the bourse’s market capitalization, contributing to MSCI Inc.’s decision in June to upgrade the exchange to emerging market status from frontier. The Qatar Exchange and NYSE Euronext will continue to co-operate in technology and expertise, the companies said.
Reducing the Qatari stake is part of NYSE Euronext’s cost- cutting plan known as Project 14. The exchange started the plan in 2012, after European regulators barred it from merging with Deutsche Boerse AG in February last year.
NYSE is now being acquired by IntercontinentalExchange Group Inc.
--With assistance from Nandini Sukumar in London. Editors: Dale Crofts, Shaji Mathew