After receiving regulatory approval, Euronext announced today that it has completed the Acquisition of VP Securities, the Danish Central Securities Depository.
The pan-European market infrastructure completed the settlement of the shares under its offer to acquire 100 per cent of the central securities depository. Euronext first launched its offer to acquire VP Securities on 23rd April 2020.
As Finance Magnates reported, in July, the Exchange received clearance from the Danish Financial Supervisory Authority (FSA) to complete the transaction. This regulatory approval from the Danish FSA was the only condition needed by the exchange to complete the transaction.
So far, shareholders equaling to more than 90 per cent of the total share capital of the central securities depository have accepted Euronext’s offer. This tag-along offer, from the European exchange, to acquire the remaining shares in VP Securities, will remain open until the 31st of August 2020.
Maria Hjorth Appointed as CEO of VP Securities
As part of the acquisition, Maria Hjorth will be taking on the role of CEO of VP Securities, subject to regulatory approval. Currently, Hjorth is the deputy CEO and will be replacing Niels Olsen, who decided to resign to pursue personal projects.
Commenting on the acquisition, Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, said: “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.
“I would like to thank Niels Olsen for his achievements and success as CEO and welcome Maria Hjorth as the new CEO of VP Securities. I have full confidence that, under her leadership, VP Securities will continue its successful development within the pan-European framework of the Euronext Group.”
Euronext Becomes Leading CSD Operator in Europe
According to Euronext’s statement today, with the acquisition of VP Securities, the company is now a leading CSD operator in Europe, with three CSDs: Euronext VPS in Norway, Interbolsa in Portugal, and VP Securities in Denmark. Together, the CSDs represent €2.2 trillion in assets under custody. This breaks down to 31 million settlement instructions per year and 4.5 million accounts.
