Euronext completes the acquisition of the Irish Stock Exchange

Mar 28th, 2018 | By | Category: ETF and Index News

Euronext has completed its takeover of the Irish Stock Exchange, having acquired 100% of the shares and voting rights and receiving regulatory approval.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext

The Irish Stock Exchange joins Euronext’s ‘federal’ model and will operate under the business name Euronext Dublin, with Ireland becoming one of the six core countries of Euronext.

The other countries are: The Netherlands, Belgium, Portugal, the UK and France (operating under Amsterdam, Brussels, Lisbon, London and Paris respectively).  

Euronext has hailed the acquisition as a milestone in the expansion of its federal model, in line with its mission to power pan-European markets and promote independent European exchanges.

Migration will begin immediately in order to meet the 2020 target date.

The combined group will be the largest centre for debt and funds in the world by number of listings, with more than 37,000 listed bonds, 5,600 funds and 1,050 ETFs. This is set to grow through its new multilateral-trading facility (MTF) for ETFs, due to launch in the second half of 2018.

The move will increase choice for existing and future Irish-listed companies and the Irish capital markets’ ecosystem, with a single pool of liquidity, and leveraging of Euronext corporate services for SME and technology companies to support scaling companies in Ireland.

Stéphane Boujnah, chief executive officer and chairman of the managing board of Euronext, said: “As the only pan-European exchange operator, Euronext is uniquely positioned to welcome independent exchanges such as the Irish Stock Exchange, now Euronext Dublin, that want to join its federal model and benefit from its single cross-country liquidity pool, its state-of-the-art proprietary technology, and its single rule book.”

He went on: “I am pleased to welcome Deirdre Somers as our new Managing Board member and the Head of Listings of Debt & Funds and ETFs, as well as the Euronext Dublin team to the Group. We have a strong growth plan for our new combined Group, to strengthen our leadership in debt and funds listings, and to be the entry point for ETF growth, while generating synergies through the integration of Euronext Dublin. This significant extension of the federal model will also reinforce Euronext’s post-Brexit strategic position and allow the Group to capture growth opportunities that arise, with a disciplined M&A approach.”

Deirdre Somers, chief executive officer of Euronext Dublin and head of listings of debt & funds and ETFs, said: “This is a historic day for Irish capital markets. We are excited to be part of the Euronext federal model and the opportunities that it delivers to listed companies and Irish enterprises to access wider pools of international capital and corporate services. We are looking forward to building on our reputation as a global leader in debt products to develop the Euronext centre of excellence in listings of Debt & Funds and ETFs to meet market needs.”

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