Securities trading firm Oslo Børs is set to acquire full ownership of Swedish exchange company Burgundy.
Oslo Børs is purchasing Burgundy from a group of Nordic banks and brokers.
Burgundy and Oslo Børs hope to become “a strong and viable competitor both for other Nordic exchanges and for foreign trading platforms that offer trading in Nordic securities,” said a statement from Oslo Børs.
Oslo Børs intends to expand Burgundy’s product range, including a new customer-based advisory board. Burgundy will also be able to list and market listed instruments, including exchange-traded funds, structured notes and warrants.
Burgundy’s CEO, Olof Neiglick, will continue in his role following the takeover.
"We greatly appreciate the confidence shown in Oslo Børs by the original owners who took the initiative to establish and develop Burgundy. Oslo Børs and Burgundy will work together to continue the development of a strong and effective Nordic platform for both investors and issuers, based on efficient, low-cost operations," said Bente Landsnes, president and CEO of Oslo Børs.
“Burgundy has been a key player in educating and transforming Nordic banks way of trading in the post-MIFID landscape. The board has concluded that the best solution is to make this transaction with Oslo Børs who has strategic interest in expanding their business in the Nordics and with whom the shareholders already have an existing long-term relationship,” said Bertil Villard, chairman of the board at Burgundy.
The acquisition of Burgundy is subject to approval from the relevant authorities in Norway and Sweden.
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