Euronext completes VP Securities acquisition
04 August 2020 Amsterdam
Image: swisshippo/Adobe Stock
Euronext has completed its acquisition of Danish central securities depository (CSD), VP Securities.
Shareholders representing over 90 percent of the total share capital of the CSD accepted Euronext’s acquisition offer following clearance from the Danish Financial Supervisory Authority
last month.
Following Euronext’s completed settlement of shares, the pan-European market structure will fully consolidate VP Securities' accounts in its financial statements.
Euronext still holds an outstanding offer for other shareholders to acquire the remaining shares by 31 August, after which it will initiate a compulsory acquisition process under the Danish Companies Act to acquire the remaining shares not already tendered.
The acquisition marks Euronext’s increased presence in Europe, with Euronext VPS in Norway, Interbolsa in Portugal, and VP Securities in Denmark.
Along with the acquisition, Euronext also announced the appointment of Maria Hjorth to CEO of VP Securities from the deputy position following Niels Olsen’s resignation.
Hjorth comments: “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.
“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.”
Stéphane Boujnah, CEO and chairman of the managing board of Euronext, adds: “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.”
Shareholders representing over 90 percent of the total share capital of the CSD accepted Euronext’s acquisition offer following clearance from the Danish Financial Supervisory Authority
last month.
Following Euronext’s completed settlement of shares, the pan-European market structure will fully consolidate VP Securities' accounts in its financial statements.
Euronext still holds an outstanding offer for other shareholders to acquire the remaining shares by 31 August, after which it will initiate a compulsory acquisition process under the Danish Companies Act to acquire the remaining shares not already tendered.
The acquisition marks Euronext’s increased presence in Europe, with Euronext VPS in Norway, Interbolsa in Portugal, and VP Securities in Denmark.
Along with the acquisition, Euronext also announced the appointment of Maria Hjorth to CEO of VP Securities from the deputy position following Niels Olsen’s resignation.
Hjorth comments: “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.
“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.”
Stéphane Boujnah, CEO and chairman of the managing board of Euronext, adds: “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.”
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