TRADING VENUES

Euronext buys Irish Stock Exchange in €137m Brexit driven deal

The acquisition aims to strongly position Euronext in a post-Brexit landscape.

By Hayley McDowell hayley.mcdowell@strategic-i.com November 30, 2017 10:03 AM GMT

Euronext is to acquire The Irish Stock Exchange (ISE) for €137 million as the exchange
operator looks to strongly position itself in a post-Brexit environment.

The deal is part of Euronext’s long-term expansion plans and post-Brexit strategy, and it includes 100% of ISE’s shares and voting rights.

“The acquisition of ISE by Euronext, combined with Ireland’s very competitive economic environment, will further strengthen Ireland’s position as a strong European anchor to take advantage of Brexit opportunities,” Euronext said.

“Ireland is in a strong position to seize opportunities arising from Brexit since it is both close to the UK business culture and strongly rooted inside the Eurozone.”

Deirdre Somers, CEO of ISE, will join Euronext’s managing board and oversee debt, funds & ETFs listing for the group once the acquisition is completed.

Similarly, Padraic O’Connor, chairman of ISE will be proposed as a new member of Euronext’s supervisory board to the next annual general meeting at Euronext.

Stéphane Boujnah, CEO at Euronext, explained 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.”

The transaction is subject to regulatory approvals and is expected to close in the first quarter next year.