IntercontinentalExchange Group (ICE) is to proceed with an initial public offering (IPO) of the ordinary shares of Euronext NV, the pan-European exchange group.
Euronext’s ordinary shares are intended to be listed on Euronext Paris, Euronext Amsterdam and Euronext Brussels.
Euronext intends to list on Euronext Lisbon after the IPO and before the fourth quarter of 2014.
Euronext is the holding company of a pan European exchange group which operates equity, fixed income and derivatives markets in Paris, Amsterdam, Brussels and Lisbon.
Euronext has also applied for regulatory approval to operate Euronext London as a recognised investment exchange in the UK.
Euronext’s business comprises: listing, cash trading, derivatives trading, market data & indices, post trade and market solutions & other.
Dominique Cerutti (pictured), CEO of Euronext, says: “Euronext is at the centre of three converging trends, all of which create real opportunities for us as an independent exchange group. An increased desire for transparency, a new level of demand for diverse sources of capital and the emerging economic recovery in Europe are driving more activity onto regulated exchanges and position Euronext well. This IPO marks a very important milestone, enabling us to implement our strategy as an independent business and better serve the real economy.”
Jeffrey Sprecher, chairman and CEO of ICE, says: “We are very pleased to announce the IPO of Euronext. We believe that Euronext, as a leader in Europe, should operate independently and in the interests of its customers and local economies. Today marks an important step in that direction and is the result of significant work by our team. We will continue to work closely with our market regulators to ensure a smooth transition to independence for Euronext.”
In its current form, Euronext has no operating history as an independent, publicly traded company. From April 2007 until 12 November 2013, Euronext was an indirect wholly owned subsidiary of the NYSE Euronext group and Euronext has been an indirect wholly owned subsidiary of ICE since 13 November 2013.
Euronext in its current form has been separated from ICE to enable it to serve customers effectively.
Euronext now includes all of the historical operations of Euronext NV that existed prior to the separation and those of its subsidiaries, with the exception of the London-based Liffe derivatives exchange and related market data services.
The IT services supporting Liffe’s exchanges will be terminated once Liffe has completed its migration to ICE’s technology platform, which is intended to take place by the end of 2014.
The intended IPO will consist of the secondary sale of part or all of Euronext's ordinary shares held by its shareholder, ICE Europe Parent Ltd, an indirect wholly owned subsidiary of ICE.
ABN AMRO Bank, JP Morgan and Société Générale will act as joint global coordinators. Goldman Sachs International, ING and Morgan Stanley will act as joint bookrunners. BBVA, BMO Capital Markets, BPI, CM-CIC Securities, Espírito Santo Investment Bank, KBC Securities and Mitsubishi UFJ Securities will act as lead managers.
