Euronext secures clearance from Norway’s Ministry of Finance to acquire Oslo Bors VPS
Euronext confirms its intention to complete the transaction by the end of June 2019.
Euronext NV (EPA:ENX) has just announced that it has secured clearance from Norway’s Ministry of Finance to acquire up to 100% of Oslo Børs VPS’s capital. Euronext confirms its intention to complete the transaction by the end of June 2019.
Euronext has already secured a majority of the capital of Oslo Børs VPS (53.4%) including irrevocable pre-commitments, shares tendered to the Offer, and directly owned shares. This satisfies the 50% minimum ownership condition of its offer.
The Ministry’s decision was one of the last major conditions to complete the transaction.
Euronext’s shareholders have been asked to approve the transaction at the general meeting to be held on May 16, 2019. Euronext’s reference shareholders, who represent 23.86% of the capital, have confirmed their joint support for the transaction.
On April 8, 2019, Euronext received the Norwegian Financial Supervisory Authority’s (Finanstilsynet) advice to the Norwegian Ministry of Finance, recommending that Euronext should be approved as a suitable owner of up to 100% of the capital of Oslo Børs VPS, as applied for, without ownership or other restrictions.
Euronext reiterated its commitment to the further development of Oslo Børs VPS, both its stock exchange and the Central Securities Depository (CSD), through a client-centric plan benefitting all parties of the Norwegian financial community. Euronext will act accordingly to preserve and develop the specific contribution of Oslo Børs VPS to the Norwegian economy including the Equity Capital Certificates market, the Fish Pool market located in Bergen, the high yield bond market and a seamless efficient listing platform.
Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext said: “Euronext welcomes the Ministry’s clearance to acquire up to 100% of Oslo Børs VPS’s capital and look forward to completing the next steps to close the transaction by the end of June 2019. As part of the Euronext family, Oslo Børs VPS will continue to be a strong and leading Nordic exchange and CSD, and a hub for Euronext’s ambitions in the region. Euronext looks forward to supporting the Norwegian financial and business community, to working constructively with all key constituents and stakeholders to further drive the success of Oslo Børs VPS.”