Euronext is on a roll. The leading European exchange announced the acquisition of software as a service provider Commcise just days ago. The operator has now revealed it has approached the Board of Directors of Oslo Børs VPS Holding ASA to seek its support for a €625m cash tender offer for all the outstanding shares of the Norwegian Stock Exchange and national CSD operator.
The pan-European group already manages the national stock exchanges of five European countries, including the Irish Stock Exchange which was acquired in late 2017 for €137 million. The addition of Oslo Børs VPS to its roster of operators is a unique strategic and competitive positioning, with its global leading position in seafood derivatives and deep-rooted expertise in oil services and shipping.
If the deal comes through, Euronext expects its position as the leading market infrastructure for the financing of the real economy in Europe to strengthen. The transaction would represent another key milestone in the delivery of the group’s vision to build a consistent pan-European marketplace offering the best-in-class capital markets services.
Euronext has already secured support for the offer from Oslo Børs VPS shareholders representing 49.6% of all outstanding shares, through a combination of irrevocable pre-commitments to tender their shares in the context of the offer to be launched, and share purchases, the official statement explained.“As part of the contemplated transaction, Euronext would, as soon as practical, launch a NOK 6.24 billion (€625m) all-cash offer for the outstanding shares in Oslo Børs VPS, at NOK 145 per share, representing a 32% premium on Oslo Børs VPS’s closing price on 17 December 2018 and 34% on Oslo Børs VPS’s 3-month volume-weighted average share price. Euronext’s offer will be subject to certain customary conditions including a short due diligence period, minimum acceptance threshold of 50%, regulatory approvals and a favorable vote of Euronext shareholders.”
It is not yet certain that a transaction will be completed.
