The New York Mercantile Exchange, the world's largest energy trading bourse, said on Thursday buyout firm Parthenon Capital offered to purchase up to 60 percent of the exchange in an offer valued at up to $980 million.
Boston-based Parthenon, which has about $1.1 billion under management, said the offer includes cash and other undisclosed considerations.
The offer values each NYMEX seat at up to $2 million each.
NYMEX has 816 seats. The most recent seat sale was for $1.55 million on February 19. The record price paid for a seat was $1.625 million in September 2003.
"Financial services is a key target area for our firm," said David Ament, a Parthenon principal, in an interview.
"We invest in companies where there is the potential for revenue growth and earnings enhancement."
Ament declined to discuss specifics of the offer, citing confidentiality agreements. NYMEX said the Parthenon offer calls for the preservation of the "open outcry" floor trading system.
"NYMEX is the process of evaluating the proposal," NYMEX said in a release.
NYMEX generated $8.9 million in net income on revenue of more than $184 million in 2003, according to regulatory filings. Its net income fell by $3.4 million from the previous year.
Shares are attached to NYMEX division seats, which come with trading rights in the divisions of NYMEX, which is the world's largest physical commodity exchange. It lists contracts in oil, oil products, electricity and precious metals.