Euronext swoops on Ireland
November 30, 2017
abd/shutterstock

Euronext has this week announced the acquisition of 100 percent of The Irish Stock Exchange plc (ISE), for EUR 137 million.

Headquartered in Dublin, ISE is Ireland's incumbent stock exchange operator and a global leader in the listing of debt and funds securities. ISE is the first pool of liquidity for Irish equities (51 listed companies, with around EUR 122 billion total domestic equity market capitalization), the first debt listing venue globally (30,000+ securities and listings from 90 countries) and the first fund listing venue globally (5,242 investment funds securities and 227 exchange-traded funds).

Deirdre Somers, CEO of ISE, will join Euronext's Managing Board[5] with group-wide responsibility for debt, funds & ETFs listing.

Padraic O'Connor, Chairman (Non-Executive) of ISE will be proposed as a new member of Euronext's Supervisory Board to the next Annual General Meeting of Euronext.

In addition, ISE's regulator, the Central Bank of Ireland, is expected to join Euronext's College of Regulators.

ISE is currently owned by five Irish financial institutions, J&E Davy, Goodbody Stockbrokers, Investec Capital & Investments, Cantor Fitzgerald  and Campbell O'Connor that have all committed to sell their shares.

The transaction is subject to regulatory approvals and is expected to close in Q1 2018.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext said: "The Irish Stock Exchange joining Euronext represents a major milestone in the expansion of Euronext's federal model since its IPO. ISE brings to Euronext leading global positions in debt, funds and ETF listings markets. As part of Euronext, ISE's growth initiatives will be reinforced with Euronext's full support.

"We are delighted to welcome Deirdre Somers and her team to Euronext. In addition to strengthening revenue profile and cost synergies, 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. This transaction demonstrates the strength of the Euronext "united in diversity" federal model."

Somers commented: "This is a landmark day in the 224-year history of ISE and a great day for our customers and our people. This transaction recognizes the significant value and leading market position that has been built by the ISE.

"More importantly, we believe that Euronext is the perfect partner to enable us to achieve our growth ambitions. Euronext is hugely complementary to the ISE, bringing valuable expertise, financial strength, global relationships and technological capability as well as a global brand. These will enable our business to build further on its track record of international achievement and capitalize on new market and product opportunities emerging in Europe."





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Euronext has this week announced the acquisition of 100 percent of The Irish Stock Exchange plc (ISE), for EUR 137 million.

Headquartered in Dublin, ISE is Ireland's incumbent stock exchange operator and a global leader in the listing of debt and funds securities. ISE is the first pool of liquidity for Irish equities (51 listed companies, with around EUR 122 billion total domestic equity market capitalization), the first debt listing venue globally (30,000+ securities and listings from 90 countries) and the first fund listing venue globally (5,242 investment funds securities and 227 exchange-traded funds).

Deirdre Somers, CEO of ISE, will join Euronext's Managing Board[5] with group-wide responsibility for debt, funds & ETFs listing.

Padraic O'Connor, Chairman (Non-Executive) of ISE will be proposed as a new member of Euronext's Supervisory Board to the next Annual General Meeting of Euronext.

In addition, ISE's regulator, the Central Bank of Ireland, is expected to join Euronext's College of Regulators.

ISE is currently owned by five Irish financial institutions, J&E Davy, Goodbody Stockbrokers, Investec Capital & Investments, Cantor Fitzgerald  and Campbell O'Connor that have all committed to sell their shares.

The transaction is subject to regulatory approvals and is expected to close in Q1 2018.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext said: "The Irish Stock Exchange joining Euronext represents a major milestone in the expansion of Euronext's federal model since its IPO. ISE brings to Euronext leading global positions in debt, funds and ETF listings markets. As part of Euronext, ISE's growth initiatives will be reinforced with Euronext's full support.

"We are delighted to welcome Deirdre Somers and her team to Euronext. In addition to strengthening revenue profile and cost synergies, 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. This transaction demonstrates the strength of the Euronext "united in diversity" federal model."

Somers commented: "This is a landmark day in the 224-year history of ISE and a great day for our customers and our people. This transaction recognizes the significant value and leading market position that has been built by the ISE.

"More importantly, we believe that Euronext is the perfect partner to enable us to achieve our growth ambitions. Euronext is hugely complementary to the ISE, bringing valuable expertise, financial strength, global relationships and technological capability as well as a global brand. These will enable our business to build further on its track record of international achievement and capitalize on new market and product opportunities emerging in Europe."



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