SIX Group, the Swiss financial markets infrastructure operator, has received approval from Spanish authorities to acquire the Spanish stock exchange (BME), bringing both parties a step closer to a combination that would see them become the third-largest European financial market infrastructure group.
SIX suggested that this transaction will strengthen both the Spanish and Swiss ecosystems, as well as bringing new capabilities to BME and SIX participants, and attracting new global capital pools to Spain.
As part of the acquisition, SIX said it intends to “preserve and strengthen BME’s position in Spain by maintaining its brands, current business activities, headquarters and office locations, and by investing in new technologies and growth opportunities”.
The authorisation of the approval came from CNMV, the Spanish financial regulator, which has approved SIX’s all-cash tender offer for BME for €33.40 per share, representing a total equity value of approximately €2.8 million.
SIX said: “The proposed transaction represents an attractive financial proposition for the current shareholders of BME and encourages them to tender their shares in the voluntary tender offer.”
Discussing the proposed industrial plan, Jos Dijsselhof, CEO of SIX, commented: “At a time of great economic uncertainty, our offer will provide for the formation of a strong and dynamic combined group with significant new growth opportunities.”
According to Dijsselhof, BME will benefit from SIX’s expertise across the entire value chain and will have the opportunity to become the leading EU-hub for the world’s largest asset pool.
“BME will also benefit from SIX’s strengths in financial information and distributed ledger technology, as well as its global reach,” Dijsselhof cited.
He added: “This proposed transaction will provide us with the capability to invest in both groups and create a stronger platform to compete and innovate in the global financial market infrastructure sector.”
