AMSTERDAM: Euronext confirmed on Friday the European Commission (EC) approved Euronext’s contemplated acquisition of the Borsa Italiana Group.
This approval further improves the certainty of execution of the transaction, by satisfying an additional major condition for the completion of the Transaction.
Borsa Italiana, based in Milan, is Italy’s stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.
On June 23, 2007, the Italian Bourse became a subsidiary of the London Stock Exchange Group. This changed on October 9, 2020, when a €4.3 billion deal was agreed between the London Stock Exchange Group and pan-European stock exchange group Euronext.
The European Commission’s decision follows: approval of the Transaction by London Stock Exchange Group’s (LSEG) shareholders on 3 November 2020; approval by the German Federal Cartel Office on 11 November 2020; approval by Euronext’s shareholders on 20 November 2020; foreign direct investment clearance for the Transaction by the Italian Council of Ministers on 11 December 2020; conditional approval of LSEG proposed acquisition of Refinitiv by the European Commission on 13 January 2021; completion of the acquisition of Refinitiv by LSEG on 29 January 2021; and approval of the Transaction by the Financial Conduct Authority on 25 February 2021.
The Transaction still remains subject to regulatory approvals in several jurisdictions and a declaration of non-objection from Euronext’s College of Regulators. Euronext expects to complete the Transaction in the first half of 2021.
Euronext is the leading pan-European market infrastructure, connecting local economies to global capital markets, to accelerate innovation and sustainable growth.
It operates regulated exchanges in Belgium, France, Ireland, The Netherlands, Norway and Portugal. With close to 1,500 listed issuers worth €4.5 trillion in market capitalisation as of end December 2020, it has an unmatched blue chip franchise and a strong diverse domestic and international client base.
Euronext operates regulated and transparent equity and derivatives markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties.
In addition to its main regulated market, it also operates Euronext Growth and Euronext Access, simplifying access to listing for SMEs. Euronext provides custody and settlement services through central securities depositories in Denmark, Norway and Portugal.