Euronext has expanded its ‘Federal model’ with the acquisition of 100 per cent of the shares and voting rights of The Irish Stock Exchange (ISE) for EUR137 million.
The acquisition is in line with Euronext’s long term strategy, and sees Ireland become its sixth core European country. Euronext intends to position ISE as centre of excellence for the Group in the listing of debt, funds and ETFs.
Stéphane Boujnah (pictured), Chief Executive Officer and Chairman of the Managing Board of Euronext, says: “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.”
Deirdre Somers, Chief Executive Officer of ISE, says “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.”
