The first-ever trans-Atlantic stock exchange is all but a done deal after the NYSE Group's board approved a $14 billion merger with the Euronext. The new company, which will go by the name NYSE Euronext will have a combined market cap of $29 billion and will list companies with a total market cap of $25.8 trillion. The merger was approved by an estimated 99.7% of the NYSE Group as well as by Euronext shareholders in a major win for NYSE CEO John Thain and Euronext CEO Jean-Francois Theodore. Pending approval by the SEC and European regulators, the merger will close in three months. Next for the NYSE: the group will now likely turn its attention to Asia, with hopes to create the first truly global stock exchange. "Between China, Japan and India, one of those places will be the source of some type of transaction,'' Mr. Thain said on yesterday.
• Sources: Bloomberg, NY Times, MSN/FinancialTimes, Reuters
• Related commentary: M&A Roundup: Harrah's Hits the Jackpot, NYSE Gets the Nod, Morgan Stanley's Discovery">M&A Roundup: Harrah's Hits the Jackpot, NYSE Gets the Nod, Morgan Stanley's Discovery, A Unified, Global Stock Exchange May Be Approaching, NYSE/Euronext Merger Gets Crucial Support, Cramer's Take on NYX »
• Potentially impacted stocks and ETFs: NYSE Group (NYX). Competitors: Nasdaq Stock Market Inc. (NDAQ).
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