Euronext Has Approached Oslo Bors Board With $712 Million Offer

Dec 24 2018, 7:55 AMDec 24 2018, 8:55 AMDecember 24 2018, 7:55 AMDecember 24 2018, 8:55 AM

(Bloomberg) -- Euronext NV is making a 625 million-euro ($712 million) cash tender offer for Oslo Bors VPS, the Norwegian Stock Exchange, as consolidation among trading exchanges accelerates.

Euronext has already secured support for the offer from Oslo Bors VPS shareholders representing 49.6 percent of all outstanding shares and is offering 145 Norwegian kroner a share, according to a statement on Monday. That represents a premium of about 32 percent to the company’s closing price on Dec. 17.

Chief Executive Officer Stephane Boujnah said last month that the company has about 650 million euros to spend on acquisitions from existing cash and debt, and could spend in total about 1 billion euros to help power its expansion. The exchange and trading landscape has seen a string of transactions this year including Virtu Financial Inc. agreeing to buy Investment Technology Group Inc. for about $1 billion.

Euronext, which recently acquired the Irish Stock Exchange, said the purchase of Oslo Bors would add expertise in oil-services and shipping and seafood derivatives to its position helping finance the economy in Europe.