Irish Stock Exchange to be acquired by Euronext
Euronext announces today the acquisition of 100% of the shares of the ISE for €137m (debt free/cash free basis, excluding regulatory capital requirements estimated at €21.8m)
- Transaction creates a leading global player in debt and fund listings, combining the listing expertise of ISE with the traded markets expertise of Euronext.
- Acquisition will further strengthen Ireland’s position as a strong European anchor to take advantage of Brexit opportunities; and develop the Irish capital markets ecosystem within a European context and as part of Euronext’s core mission to power the real economy
- ISE to have a strong group-wide position within Euronext’s highly inclusive federal governance structure as a global centre of excellence for all group-wide activities in the listing of Debt, Funds and ETF (Exchange Traded Funds) securities
- Significant opportunities to arise through the joining of ISE to Euronext federal model and leveraging Euronext’s technology, support and services
- ISE CEO Deirdre Somers will be Euronext’s Head of Debt, Funds and ETF (Exchange Traded Funds) listing and member of Euronext Managing Board
- Ireland will become Euronext's 6th core European country (alongside France, Netherlands, Belgium, Portugal and the UK)
- Closing expected in Q1 2018, subject to regulatory approvals.
Comment by Deirdre Somers, ISE CEO:
”This is a landmark day in the 224-year history of ISE and a great day for our customers and our people. This transaction recognises the significant value and leading market position that has been built by the ISE.
"More importantly, we believe that Euronext is the perfect partner to enable us to achieve our growth ambitions. Euronext is hugely complementary to the ISE, bringing valuable expertise, financial strength, global relationships and technological capability as well as a global brand.
"These will enable our business to build further on its track record of international achievement and capitalise on new market and product opportunities emerging in Europe.”
Comment by Stéphane Boujnah, Euronext CEO and Chairman of the Managing Board:
“The Irish Stock Exchange joining Euronext represents a major milestone in the expansion of Euronext’s federal model since its IPO. ISE brings to Euronext leading global positions in debt, funds and ETF listings markets. As part of Euronext, ISE’s growth initiatives will be reinforced with Euronext’s full support.
"We are delighted to welcome Deirdre Somers and her team to Euronext. In addition to strengthening revenue profile and cost synergies, ISE is ideally positioned to benefit from market opportunities in a post-Brexit environment. Within this environment, our unique federal model clearly demonstrates its added value through a single cross-country liquidity pool, a single state-of-the-art proprietary technology, a single rule book and a complete and diversified set of services, while maintaining strong local input within our balanced federal governance.
"This transaction demonstrates the strength of the Euronext “united in diversity” federal model.”