Shareholders representing more than 90% of the total share capital of VP Securities have already accepted Euronext’s offer.
Euronext NV (EPA:ENX) announces today that it has completed the settlement of shares under its offer launched on April 23, 2020 to acquire 100% of Danish Central Securities Depository VP Securities. 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 August 31, 2020. Any other shareholders, and shareholders with specific rights, who accept the Euronext offer before August 31, 2020 will receive payment on or around September 10, 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.
The acquisition of VP Securities is set to position 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.
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.