Chicago Mercantile Exchange Buying Nymex for $9.5 Billion

The parent company of the Chicago Mercantile Exchange and the Chicago Board of Trade said Monday it would buy the owner of the New York Mercantile Exchange for $9.5 billion, the Associated Press reported.

The Nymex specializes in trading of energy and metals contracts, including crude oil and home heating oil, a close proxy to diesel fuel.

CME Group, the world’s largest financial exchange company, hosts trading of commodities such as gold, oil and wheat, AP said.
 
Under the deal, shareholders of Nymex Holdings Inc. would get $3.4 billion in cash and $6.08 billion in stock, AP said.

The plan must be approved by regulators and shareholders of the two exchanges. The companies said they expect the deal to be complete in the fourth quarter, AP reported.