Sunday June 21, 06:28 AM
UPDATE 2-NYSE Euronext takes 20 pct stake in Qatar Exchange
NEW YORK, June 19 (Reuters) - NYSE Euronext , owner of the New York Stock Exchange, will take a 20 percent stake in the newly created Qatar Exchange for $200 million, while Qatar will own the rest, the partners said on Friday.
Qatar Exchange is the successor to the Doha Securities Market and will start trading under its new name and management on Sunday.
The binding agreement with NYSE Euronext, which was expected, paves the way for more growth in the Middle East by the trans-Atlantic bourse, the partners said.
Andre Went, a senior executive from NYSE Euronext, will be appointed chief executive of Qatar Exchange.
NYSE Euronext beat out the London Stock Exchange (LSE: LSE.L - news) in June 2008 to win the Qatar deal. The company, the world's largest exchange operator by the size of its listings, said in February it planned to restructure the agreement. Originally, it was to pay $250 million for a 25 percent stake.
Qatar, the world's top exporter of liquefied natural gas, has been trying to establish itself as a financial hub in the Gulf Arab region, rivaling regional business and tourism center Dubai.
The Qatar exchange has had one initial public offering this year, a $929 million sale by the Qatari unit of Vodafone Group Plc, according to Thomson Reuters (TRI.TO - news) data. It has hosted only four this decade.
(Reporting by Juan Lagorio and Phil Wahba in New York, and , Editing by John Wallace)
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