A group of 10 institutions including Euroclear, BNP Paribas and Societe Generale are to take control of a third of European exchange operator Euronext ahead of its flotation by IntercontinentalExchange.

ICE confirmed in a statement Tuesday that it would spin off Euronext, acquired as part of its $11 billion acquisition of NYSE Euronext last November, through an initial public offering. It did not confirm the timing of the IPO, but Dominique Cerutti, Euronext's chief executive, said it would likely take place "before the summertime", on a call to media.