NYMEX Sells Its Stake

The board of the New York Mercantile Exchange has decided to sell a 10% stake to private equity firm General Atlantic LLC, The Wall Street Journal reported Wednesday.

The deal is estimated to cost $1.35 billion and seeks to help the biggest U.S. energy and metals market go public.

NYMEX plans to recommend the proposed deal with General Atlantic to seat-holders at a meeting Sept. 29, where it plans to discuss the exchange's strategic options.