Global technology investor Silver Lake has acquired Intercontinental Exchange’s (ICE’s) 9.85 per cent stake in Euroclear for €709 million.
Formed in 2000, ICE operates global exchanges, clearing houses and provides mortgage technology, data and listing services around the world.
Silver Lake’s acquisition of ICE’s stake in Euroclear is subject to customary closing conditions and regulatory approval. Depending on this approval, the transaction could close as soon as H1 of 2022.
Headquartered in the US, Silver Lake has more than $88 billion in combined assets under management and committed capital, with offices based in North America, Europe, and Asia.
As part of the acquisition, Silver Lake has requested that a representative of Silver Lake join the board of Euroclear.
Euroclear, the Belgium-based provider of post-trade security settlement, custody, collateral management, fund management and data services has €35.2 trillion of assets under custody.
Financial advisory service Moelis & Company served as ICE’s financial advisor on this transaction while Stibbe served as legal advisor.
Asset management and financial advisory firm Lazard served as Silver Lake’s financial advisor and Simpson Thacher & Bartlett and Loyens & Loeff served as legal advisors.
Christian Lucas, co-head of Silver Lake for Europe, Middle East and Africa, says: “We are thrilled to become a shareholder of Euroclear. As a leading technology investor, we look forward to contributing to Euroclear’s future growth, which is more than ever driven by innovation.”
Jeffrey Sprecher, ICE chairman and CEO, comments: “We have great respect for Euroclear and its leadership team, have seen the critical services and sustainable infrastructure it provides to our industry, and it has been a successful investment for ICE.
He adds: “Going forward, Euroclear will have an outstanding long-term partner and shareholder in Silver Lake with its deep knowledge and experience in financial and technology investments.”
