Euronext Completes Acquisition Of VP Securities
Euronext, the leading pan-European market infrastructure, announces today that it has completed the settlement of shares under its offer launched on 23 April 2020 to acquire 100% of VP Securities, the Danish Central Securities Depository. Euronext will now fully consolidate VP Securities’ accounts in its financial statements.
Shareholders representing more than 90% of the total share capital of VP Securities (adjusted for treasury shares) have already accepted Euronext’s offer. Euronext’s tag-along offer to acquire the remaining shares in VP Securities will remain open until 31 August 2020. Any other shareholders, and shareholders with specific rights, who accept the Euronext offer before 31 August 2020 will receive payment on or around 10 September 2020. Following such settlements, Euronext will initiate a compulsory acquisition procedure to acquire the remaining shares not already tendered, in accordance with the rules of the Danish Companies Act.
We are pleased to announce the successful closing of the acquisition of VP Securities.
This transaction significantly strengthens our Nordic presence, as well as our #posttrade activities, which now represent c.23 % of the Group top line.
— Euronext (@euronext) August 4, 2020
The acquisition of VP Securities positions Euronext as a leading CSD operator in Europe with three CSDs (Euronext VPS in Norway, Interbolsa in Portugal and VP Securities in Denmark) representing €2.2 trillion in assets under custody, 31 million settlement instructions per year and 4.5 million accounts. Post-trade is now a major contributor to Euronext revenues, reaching 23% of 2019 pro forma revenue, significantly increasing the share of non-volume related revenue. Furthermore, following the acquisition of Oslo Børs VPS, completed in June 2019, and Nord Pool in January 2020, Euronext has developed a strong Nordic skillset and has built increasing proximity with the client community in the Nordic region, to the full benefit of the local ecosystems.
Euronext also announces today the appointment of Maria Hjorth, current deputy CEO, as the new CEO of VP Securities, subject to regulatory approval. Maria Hjorth will replace Niels Olsen who decided to resign to pursue personal projects, after leading the strong development of VP Securities over the past seven years. Maria Hjorth will report to Anthony Attia, Euronext’s Global Head of Listing and Post-Trade.
Maria Hjorth, new CEO of VP Securities, said:
“VP Securities is entering into a new phase of its development, as a Euronext company. It is now part of a larger, international group, with a clear strategy: build the leading pan-European market infrastructure.
Since I joined VP, I have led and developed our company strategy as a standalone business. I am delighted to now become CEO of the company to lead the next step of its transformation as part of a larger group. I want to thank Niels Olsen for seven dedicated years as CEO and I wish him all the best in this new phase of his life.”
Niels Olsen, former CEO of VP Securities, said:
“After 30 years in management positions in the financial industry, I have now decided to resign from my position as CEO of VP Securities to look into a more flexible work life. As I hand over to Maria Hjorth, I am pleased to witness VP Securities entering a new stage of its development as it becomes part of the Euronext Group, and I wish VP Securities and Euronext all the best for the future.”
Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, said:
“Post-trade activities are at the heart of Euronext’s growth strategy, and will be an even larger contributor to our revenue following the acquisition of VP Securities. Alongside Euronext VPS and Interbolsa, we will strengthen our positioning in this field, and continue to expand our footprint in the Nordic region with new and improved services to the benefit of the Danish economy and European capital markets. I would like to thank Niels Olsen for his achievements and success as CEO and welcome Maria Hjorth as the new CEO of VP Securities. I have full confidence that, under her leadership, VP Securities will continue its successful development within the pan-European framework of the Euronext Group.”
Nearly a dozen retail brokers have joined to evaluate how market infrastructure and rules should evolve.
The exchange's Bitcoin ETN future is most likely not going to be its last.
Clients will have the ability to interact with a larger liquidity pool while minimizing market impact.
The exchange's derivatives segment will close for trading on Friday 28 January 2022.
Exchange group aims to support new markets for digital assets, cryptocurrencies and NFTs.