Euronext VP has today confirmed that it is currently in discussions with Cassa Depositi e Prestiti (CDP). These discussions are in order to submit an offer to London Stock Exchange Group plc for the acquisition of the key operational assets and business of Borsa Italiana.
Announcing When It’s Ready
In regards to a timetable, Euronext made it clear that further announcements will only be made when, and if, it’s deemed appropriate, showing that the company is keen on not making any hard commitments over the matter.
Acquiring VP Securities
These talks of acquisition stands as one of many from the company. It was just last month when Euronext had announced that it had completed its settlement of shares. This settlement was under its offer made on the 23rd of April, 2020, in order to acquire 100% of VP Securities, a Central Securities Depository situation within Denmark. The regulatory approval for the act was given back in July of 2020.
Shareholders that represented over 90% of the total share capital in VP Securities, adjusted for treasury shares, had already accepted Euronext’s offer at the time of its announcement.
With the acquisition of VP Securities, Euronext stands as a CSD operator leader when it comes to Europe, holding Interbolsa in Portugal, Euronext VPS in Norway, as well as VP Securities within Denmark. Crunching the numbers, this means that Euronext represents €2.2 trillion in assets under custody.
Pushing Into Power And Nordic Markets
It was back in January of 2020 when Euronext had pushed ever more into the Nordic market, finalizing the acquisition of 66% of the share capital, as well as voting rights, within Nord Pool Group. This included Nord Pool Consulting AS, Nord Pool AS, as well as European Market Coupling Operator AS. The deal, much like the VP Securities deal, had to be approved by the applicable regulators before anything could be done.
Through the Nord Pool acquisition, Euronext managed to diversify its revenue mix to push into the power market, as well, thus reinforcing the commodity franchise of the group.
Back in June of 2019, Euronext managed to finalize the acquisition of Oslo Børs VPS, as well. With its hard push across Europe at large, Euronext is making it clear that it plans on becoming the top dog when it comes to Europe’s finance sector. With any luck, the consumer will be the one benefiting from this expansion, in the end.