Euronext Completes Acquisition Of Nord Pool01.16.2020
Euronext today announced the completion of the acquisition of 66% of the share capital and voting rights of the Nord Pool group, after receiving regulatory approvals.
— Euronext (@euronext) January 16, 2020
With the acquisition of Nord Pool, the second largest power market in Europe, Euronext diversifies its revenue mix by entering the power market, and reinforces its commodity franchise. This transaction also contributes to the group’s ambition to grow its presence in the Nordic region and further strengthens Oslo as Euronext’s main hub in the Nordics.
As part of the transaction, Euronext has entered into a shareholder agreement with the Transmission System Operators (TSOs), formerly the sole owners of Nord Pool, who retain a 34% stake through a joint holding company.
Nord Pool activities will be consolidated in Euronext financials, starting on 16 January 2020. As a reminder, in 2018 Nord Pool generated c.€40 million revenue and 524 TWh were traded on its markets.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“The acquisition of Nord Pool is a new milestone in developing Euronext into the leading pan-European market infrastructure and in achieving our ambition to expand further in the Nordics. We are pleased to welcome Nord Pool’s employees, whose expertise in running power markets will reinforce our commodities franchise.”
The Managed Funds Association said LME has undermined confidence in its ability to oversee markets.
Lawsuits have been filed against the LME’s decision.
The claim challenges the LME’s cancellation of alleged nickel contracts executed on 8 March 2022.
The exchange launched on March 29 this year.
Micro WTI Crude Oil futures surpass 50,000 contracts traded.