ICE Founder’s $1,000 Deal Preceded Rise to NYSE Ownership
Edited by Steinar Vigdel Kolnes, Editor, Oslo
Jeffrey Sprecher’s 1997 purchase of a struggling power exchange preceded the creation of ICE, which acquired NYSE Euronext in 2013.
In 1997, Jeffrey Sprecher paid $1,000 for Continental Power Exchange, a business nearing bankruptcy, and took on its debt. The seller was MidAmerican Energy, the utility linked to Warren Buffett.
Sprecher went on to establish Intercontinental Exchange, known as ICE, in 2000. He serves as the exchange operator’s founder and chief executive.
ICE acquired NYSE Euronext in 2013, bringing the New York Stock Exchange under its ownership. Bitcoin.com News described ICE as a $98 billion company, tracing its growth back to Sprecher’s purchase of the troubled power exchange.
Source: Bitcoin.com News
