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Euronext completes Irish Stock Exchange purchase


Euronext has completed its acquisition of the Irish Stock Exchange plc, achieving what it describes as a major milestone in the expansion of its federal model.

The Irish Stock Exchange plc will operate under the business name Euronext Dublin, with Ireland becoming one of the six core countries of Euronext.

Deirdre Somers is appointed Chief Executive Officer of Euronext Dublin and is to join the Managing Board of Euronext with Group level responsibilities to develop the Irish equity market and the centre of excellence in Listings of Debt & Funds and ETFs.

The Group now has more than 37,000 listed bonds and 5,600 funds, and as a major player in ETFs with 1,050 listings.

The acquisition raises EUR6 million of expected pre-tax run-rate cost synergies, to be fully delivered in 2020, primarily driven by the migration to Optiq, Euronext’s new proprietary trading platform; the aggregation of a pan-European offering on market data by migrating Euronext Dublin’s current offering onto Euronext’s platform and Euronext Dublin benefiting from the Group’s support functions.
 
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, says: “As the only pan-European exchange operator, Euronext is uniquely positioned to welcome independent exchanges such as the Irish Stock Exchange, now Euronext Dublin, that want to join its federal model and benefit from its single cross-country liquidity pool, its state-of-the-art proprietary technology, and its single rule book.

“I am pleased to welcome Deirdre Somers as our new Managing Board member and the Head of Listings of Debt & Funds and ETFs, as well as the Euronext Dublin team to the Group. We have a strong growth plan for our new combined Group, to strengthen our leadership in debt and funds listings, and to be the entry point for ETF growth, while generating synergies through the integration of Euronext Dublin. This significant extension of the federal model will also reinforce Euronext’s post-Brexit strategic position and allow the Group to capture growth opportunities that arise, with a disciplined M&A approach.”
 
Deirdre Somers, Chief Executive Officer of Euronext Dublin and Head of Listings of Debt & Funds and ETFs, says: “This is a historic day for Irish capital markets. We are excited to be part of the Euronext federal model and the opportunities that it delivers to listed companies and Irish enterprises to access wider pools of international capital and corporate services. We are looking forward to building on our reputation as a global leader in debt products to develop the Euronext centre of excellence in listings of Debt & Funds and ETFs to meet market needs.”
 

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