The first large pan-European stock exchange. After the ok of the Consob and of Bank of Italy, the French group Euronext in fact, he announced that he had completed the acquisition of Piazza Affari and the launch of a share capital increase of approximately 1.8 billion euros. The closing of the transaction came early, as it was expected by the end of the second quarter and with a final value of 4.444 billion euros (the initial value was 4.325 billion).
Euronext also made it known that the integration process started with the structure of the governance established and with a further development of the integration plan itself. At the group level the governance is in line with the federal model of Euronext, with a member of the independent Italian supervisory board (Pietro Novelli), who will become the next chairman of the supervisory board, and a supervisory board member representing Cdp Equity, as representative of the shareholders of reference, to be proposed at the annual general meeting of shareholders on 11 May 2021.
“The Italian voices will be heard at every single level”, explained the president and Ceo of the price list Stephane Boujnah, commenting on the fears expressed by Italian politics regarding the acquisition of the Stock Exchange by a foreign company and a possible subordinate role of Italy. As part of the operation, Cdp Equity e Intesa Sanpaolo become Euronext shareholders, respectively with 7.3% and 1.3% through the subscription of a private placement with a total investment of 579 million euros.
“Euronext believes that customers of Euronext and the Borsa Italiana group will benefit from the larger size of the new group, its business mix diversified and the strengthening of post-trade activities, including a multi-asset clearing house “, reads a note from the French group. Per Boujnah” with the completion of the acquisition of Borsa Italiana, Euronext realizes its aspiration to build the main pan-European market infrastructure “.
Last year the French list beat its rivals Six e German Stock Exchange winning Borsa Italiana since London Stock Exchange for just over $ 5 billion. The operation creates a group of 1.4 billion in revenues, the first market place in Europe, with over 1,870 listed companies and a total capitalization of 5.1 billion euros, in which Italy is the main source of revenues of the group with a weight of 34% on 2020 pro forma data.
Finally, Boujnah made it known that Euronext had considered the possibility of moving the data center, where the stock trading data is processed, from the current headquarters of Basildon, to London, Paris or Amsterdam, but opted for Bergamo after the transaction with Borsa Italiana.