Euronext N.V. acquires VP Securities A/S in billion-kroner transaction
Accura is advising the listed company Euronext N.V. in connection with the acquisition of VP Securities A/S
The leading European stock exchange group Euronext N.V. has acquired approx. 70% of the shares in the Danish company VP Securities A/S from Danmarks Nationalbank, Danske Bank, Nordea, Nykredit and Jyske Bank.
The remaining shareholders (banks and other financial institutions, mortgage credit institutions, issuers and certain professional and industrial bodies) will receive an offer to sell their shares in VP Securities A/S on the same terms and conditions (“tag along offer”). The purchase price is DKK 1.12 billion.
VP Securities A/S was formed in 1980 and is the Danish central for the registration of Danish securities. VP Securities A/S’s core business is so-called CSD Services (Central Security Depositary Services) supporting the market’s need for secure issuance, clearing and keeping of securities. In addition, VP Securities A/S ensures efficient facilitation of interest, repayment and dividends for investors.
Euronext N.V. is Europe’s leading stock exchange group and provider of financial market infrastructure. The group operates stock exchanges in several European countries, including France, Belgium, the Netherlands, Norway and Great Britain. More than 1,500 companies with a total market value exceeding EUR 3.3 trillion are listed on Euronext N.V.’s stock exchanges. Euronext N.V.’s acquisition of VP Securities A/S primarily strengthens Euronext N.V.’s position within CSD Services and post-trade activities. On completion of the transaction, Euronext N.V. will become one of the leading CSD providers in Europe with more than EUR 2.2 trillion in AUC (assets under custody).
The transaction was subject to approval from the Danish Financial Supervisory Authority which was given on 15 July 2020.
By the expiry of a tag along offer, Euronext N.V. had acquired 97.83% of the total share capital and 99.39% of the voting rights in VP Securities A/S. A redemption of the remaining shareholders has been initiated, which is expected to be completed at the end of October 2020.
Accura advised Euronext N.V. in connection with the acquisition of VP Securities A/S.