The SEC has approved a rule change that will allow IntercontinentalExchange Group to purchase NYSE-Euronext.
The $8.2-billion takeover bid was announced in December 2012, and European regulators still need to provide approvals. The deal is expected to close in Autumn 2013.
Read: ICE to buy NYSE Euronext for $8.2 billion
ICE has stated there will be dual headquarters in New York and Atlanta. NYSE CEO Duncan Niederauer will become president of the combined company and CEO of NYSE Group.
Four members of the NYSE board will be added to IntercontinentalExchange’s board, expanding it to 15 members.
Read: ICE to reform U.S. equity market practices
NYSE Euronext Inc. shareholders can chose to receive either $33.12 in cash, .2581 IntercontinentalExchange Inc. shares, or a combination of $11.27 in cash plus .1703 shares of stock.
IntercontinentalExchange plans to fund the cash portion of the acquisition with a combination of cash and existing debt. It added that the addition of NYSE will help it cut costs and should boost its earnings by more than 15% in the first year after the deal closes.