Cleary Gottlieb is representing Euronext in the completion of its acquisition of the Borsa Italiana Group (Borsa Italiana) from the London Stock Exchange Group plc (LSEG) for a cash consideration of €4.4 billion.
The transaction signed on October 9, 2020, and closed on April 29, 2021.
The acquisition is expected to result in the creation of a leading player in European capital market infrastructure, strengthen Euronext’s leadership in European cash equities, and add capabilities in fixed income trading and increased post trade activities with a fully owned, multi-asset clearing house to Euronext. It is expected to create the leading listing venue in Europe, with more than 1,870 companies listed totaling €5.1 trillion in market capitalization as of December 31, 2020.
Euronext, a long-standing client of the firm, is a leading pan-European market infrastructure operator. It operates regulated exchanges in Belgium, France, Ireland, The Netherlands, Norway, and Portugal. As of the end of September 2020 it had close to 1,500 listed issuers worth €3.8 trillion in market capitalization.
Borsa Italiana is the integrated Italian market infrastructure operator, with operations diversified across regulated markets (Borsa Italiana S.p.A.), fixed-income trading (MTS S.p.A., 62.53% owned by Borsa Italiana S.p.A.), central counterparty clearing (CC&G), a central securities depositary (Monte Titoli S.p.A.), and other business lines. As of August 31, 2020, 370 companies were listed on Borsa Italiana, with a total domestic market capitalization of €545 billion.