Briarcliff-based Optionable sells 19% stake
-
- January
- 22
The parent company of the New York Mercantile Exchange said late yesterday that it will buy a 19 percent stake in Optionable Inc. of Briarcliff Manor, whose technology provides brokerage services in the fields of natural gas and other energy derivatives for professional traders.
The deal is expected to close in the next 60 days. It will also provide NYMEX with a seat on Optionable’s board, cooperative technology deals, and a warrant that would allow it to increase its stake in Optionable.
Optionable spokesman Brian Kennedy said the deal reflects NYMEX’s confidence in the local company’s technology. Publicly held Optionable has a market cap of $224 million and is traded over the counter. The company expects to move its staff of about a dozen to new headquarters at 465 Columbus Ave. in Valhalla early next month, Kennedy said.
Optionable will be addressing investors at presentations in New York City, Boston and Richmond, Va., starting this week.
This entry was posted
on Monday, January 22nd, 2007 at 7:39 pm by Jerry Gleeson.
You can follow any responses to this entry through the RSS 2.0 feed.
Share and Enjoy: 
| 
Print
| 
Email
