Euronext is to buy Borsa Italiana from London Stock Exchange for 4.33 billion euros ($5.09 billion) in cash, the firms said on Friday, in a major expansion of the French operator's network of European trading platforms.
for 4.33 billion euros in cash, the firms said on Friday, in a major expansion of the French operator's network of European trading platforms.
LSE entered exclusive talks with Euronext last month after the Paris bourse owner saw off competition from Deutsche BoerseLSE is selling Borsa as part of regulatory remedies to see through its $27 billion purchase of data provider Refinitiv, which is 45% owned by Thomson ReutersThe sale is contingent on the European Commission formally stating it will only approve the Refinitiv deal if all or part of Borsa Italiana is sold.
Euronext, which has a market value of around 7 billion euros, will fund the deal through a debt and equity hike as well as existing cash. The company said the deal was expected to be immediately accretive to its adjusted earnings per share before synergies.
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