SIX Group, the Swiss financial markets infrastructure operator, has completed its all-cash voluntary tender offer for Bolsas y Mercados Españoles (BME), creating the third-largest operator of financial market infrastructure in Europe by revenue.
SIX was granted approval to acquire the Spanish stock exchange BME from the Spanish authorities in March, and now SIX has secured an acceptance level of 93.16 percent of BME’s share capital.
A total of 77.9 million shares have been tendered at a price of €33 per share, representing a total of €2.57 billion. Following the settlement, SIX will acquire control of BME, which will become part of SIX.
The combination of BME and SIX is set to create a more diversified group with a strong presence across Europe.
The transaction also aims to bolster both the Spanish and Swiss ecosystems by bringing new capabilities to BME and SIX participants and attracting new global capital pools to Spain.
SIX will continue to fully deliver its core Swiss financial markets infrastructure services, now enhanced by BME's expertise in areas such as fixed income, derivatives and indices.
BME will continue to fully deliver its core services to their customers in Spain and will benefit from new financial information solutions, as well as blockchain and distributed ledger technology solutions.
The combined group will have the flexibility to deploy more capital on new projects and accelerate investments in innovation. SIX said it recognises the different opportunities offered by the Spanish market and intends to preserve and further invest in local infrastructures to attract new investors.
The management team of the enlarged group consists of the board of directors of BME, which will comprise a significant percentage of Spanish representatives and will reflect the new ownership structure, SIX said.
Meanwhile, SIX will propose to give entry to two independent Spanish directors of BME to its own board while Javier Hernani Burzako, CEO of BME, will become a member and join the SIX executive board, effective immediately.
Thomas Wellauer, chair of SIX, said: “The combination of BME and SIX will create a stronger, more diversified group with an enlarged global footprint and a unique capacity to respond to the increasingly sophisticated demands of clients. Today, SIX and BME embark on a new phase of growth that will deliver new opportunities with immediate benefits to the stakeholders of both companies and the wider economies in which they operate.”
Jos Dijsselhof, CEO of SIX, commented: “The integration of our products and services will allow us to generate value, grow revenues and compete globally. The combined group will be more ambitious and innovative, investing in opportunities that would have been unavailable to the separate entities. Together, we will succeed in driving the transformation of financial markets, to our own benefit and that of the ecosystem that surrounds us.”
Dijsselhof continued: “SIX is committed to preserving and strengthening BME’s position in Spain. The combined group will create innovation hubs in Spain and attract new pools of capital to the Spanish market. We look forward to fulfilling the various commitments we have made to the Spanish authorities ahead of the integration process, which we aim to begin as soon as possible.”
Javier Hernani, CEO of BME, added: "Joining SIX is fantastic news for BME. Together we have a stronger business model that will enable us to continuously improve our products and services offering as well as significantly grow our client reach. The combined group will now be able to better address the growing needs of the Spanish market and at the same time expand its global footprint. BME will continue to respond to the needs of its clients and its market, as part of a stronger group that is eager to invest and innovate."
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