Euronext has revealed its rights offer which was launched on 29 April 2021, concurrently with the completion of the acquisition of Borsa Italiana Group has proceeded successfully.
The final gross proceeds of the offer amount to €1,820 million, corresponding to the issuance of 30,506,294 ordinary shares at a subscription price per share of €59.65.
Following the closing of the offer, Euronext’s issued share capital will be comprised of 107,106,294 ordinary shares.
The offer was largely oversubscribed, says Euronext. It reveals that 29,904,734 new shares were subscribed on an irreducible basis, representing approximately 98 per cent of the shares to be issued.
Orders submitted on a reducible basis represented 10,178,007 new shares and will therefore only be partially allocated for a number of 601,560 new shares.
The net proceeds of the issue will be used to partially refinance the acquisition of the Borsa Italiana Group, completed on 29 April 2021, for final consideration of €4,444 million.
Stéphane Boujnah, CEO and chairman of the managing board of Euronext, comments: “We are delighted by the success of this €1.8 billion rights offer and by the strong support demonstrated by our shareholders in the acquisition of the Borsa Italiana Group.”
“This transaction creates the leading pan-European market infrastructure, and the successful rights offer shows the confidence of our shareholders and investors in our strategic choices to deliver value while building the backbone of the Capital Markets Union in Europe,” Boujnah adds.
Settlement and delivery of the new share and commencement of trading on Euronext Amsterdam, Paris, Brussels and Lisbon are expected to take place today [14 May 2021].
The offer shares will, upon issue, rank pari passu in all respects with the then outstanding ordinary shares and will be eligible for any dividends Euronext may pay after the settlement date.
