PARIS, April 29 — Pan-European stock market operator Euronext completed today its takeover of the Milan exchange in a move which it said further strengthened its position in the region.
Euronext agreed the to buy Borsa Italiana Group last year from its rival the London Stock Exchange, which divested assets in order to obtain regulatory approval for its US$27 billion (RM110 billion) purchase of US financial data provider Refinitiv.
Euronext “is now positioned as the leading venue in Europe for listing and secondary markets for both debt and equity financing,” chief executive Stephane Boujnah said.
Euronext announced Thursday that in order to finance the €4.4-billion (RM21.7-billion) purchase it would proceed with a €1.8-billion placement of shares and raise €1.8 billion in debt as well.
Euronext already owned the Paris, Amsterdam, Brussels, Dublin, Lisbon and Oslo stock exchanges.
The addition of Borsa Italiana will help diversify Euronext as it also has a significant bond trading business and provides other services for investors such as clearing of transactions and acting as a depository.
“This transaction strengthens Euronext’s profile and enhances its strategic prospects for future growth,” Boujnah said.
Euronext also released Thursday its first quarter earnings, posting a 2.2 per cent rise in net profit to €98.2 million. Revenues rose by 5.2 per cent to €249.2 million. — AFP
