Euronext to acquire 66% of Nord Pool’s share capital

Maria Nikolova

The move expands Euronext’s footprint in the Nordics, following the acquisition of Oslo Børs VPS earlier this year.

Euronext NV (EPA:ENX) today announces it has entered into binding agreements to acquire 66% of the share capital and voting rights of the Nord Pool group, including Nord Pool AS, Nord Pool Consulting AS and European Market Coupling Operator AS.

The enterprise value on a debt-free cash-free basis for 100% is NOK 850 million (about €84 million).

Euronext will enter into a partnership, governed by a shareholder agreement, with the Nordic and Baltic Transmission System Operators (TSOs) that currently own Nord Pool, and which will retain a 34% stake through a joint holding company.

Nord Pool currently has a strong European foothold with more than 360 customers from 20 countries. The company operates both core intraday and day-ahead markets in the Nordics, Baltics, the UK, France, Germany, Belgium, the Netherlands, Austria and Luxembourg. In 2018, Nord Pool generated approximately €40 million revenue and 524 TWh were traded on its markets.

The acquisition of Nord Pool is in line with Euronext’s strategy to diversify its revenue mix to new asset classes not correlated with financial market cycles, and will strengthen its commodity franchise by leveraging Nord Pool’s leadership position and know-how in physical power markets. This acquisition marks another major step towards reaching Euronext’s objective to grow its presence in the Nordic region, following the acquisition of Oslo Børs VPS earlier this year.

Through its strong franchise, Nord Pool will be a pillar of Euronext’s Group centre of excellence for commodities in Oslo. In turn, Nord Pool will benefit from Euronext’s extended footprint and commercial efforts in continental Europe to expand the reach of its leading technology, and its employees will join a pan-European Group with international career opportunities.

The transaction is subject to regulatory and competition approvals and is set to close the first quarter of 2020.

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