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American Stock Exchange bought by NYSE

By Laurie Bennett

January 18, 2008 at 10:16am

In yet another consolidation of the world’s stock markets, NYSE Euronext announced late yesterday that it was buying the American Stock Exchange.

The two exchanges, both located in lower Manhattan, were once fierce competitors. But Amex’s star has fallen since the 1990s, as NASDAQ tech stocks became increasingly popular.

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Neal Wolkoff took the reins at Amex nearly three years ago to prepare the company for an IPO or a sale. The purchase by NYSE calls for $260 million in stock plus the sale of ASE’s facility in lower Manhattan.

The acquisition is the latest in a series of mergers and acquisitions among exchanges. The New York Stock Exchange became the first trans-Atlantic exchange when it merged last year with the European exchange, Euronext NV. NASDAQ bought the Philadelphia Stock Exchange in November for $652 million.

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