Euronext to acquire Global Rate Set Systems to strengthen its index franchise
| Contacts Media | Contact Investor Relations | |||
| Amsterdam | +31 20 721 4133 | Brussels | +32 2 620 15 50 | +33 1 70 48 24 17 |
| Dublin | +39 02 72 42 62 13 | Lisbon | +351 210 600 614 | |
| Milan | +39 02 72 42 62 12 | Oslo | +47 41 69 59 10 | |
| Paris | +33 1 70 48 24 45 | |||
Euronext to acquire Global Rate Set Systems to strengthen its index franchise
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 29 March 2024 – Euronext, the leading pan-European market infrastructure, today announces that it has entered into an agreement to acquire 75% of the share capital of Global Rate Set Systems (GRSS), a leading provider of services to benchmark administrators. This acquisition significantly strengthens the Euronext index franchise adding very strong capabilities in contributed data indices and data from a highly respected provider.
Founded in 2009 and headquartered in New Zealand, GRSS is a mission-critical service provider to the benchmark administrators that produce three of Europe’s critical interest rate benchmarks: EURIBOR® (global, the world’s largest benchmark), STIBOR® (Sweden) and NIBOR® (Norway). GRSS also owns and operates two regulated benchmark administrators that produce CIBOR® (Denmark) and PRIBOR (Czech Republic), and a benchmark administrator that produces the TAB, TADO and ICP indices (Chile). GRSS provides a complete solution for developing, operating, and monetising benchmarks, indices, and other forms of regulated or unregulated market data.
The acquisition of GRSS further diversifies and strengthens Euronext’s index franchise, positioning the Group as a leading player for calculating and administrating Interbank Offered Rate (IBOR) indices. In partnership with GRSS management and its founder, Euronext aims to reinforce the positioning of GRSS to become the go-to provider in the contributed data and indices space, leveraging on Euronext’s global leadership and recognition. This acquisition contributes to the growth of Euronext’s fixed and subscription-based revenue.
The transaction complies with Euronext capital allocation policy, with a ROCE expected to exceed WACC between years three to five after closing. The transaction will be fully financed with existing cash and will not impact Euronext’s deleveraging path. The completion of the transaction is expected in Q2 2024 and is subject to the usual regulatory approvals.
- Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“The acquisition of Global Rate Set Systems is a new milestone in broadening the Euronext data and indices offering. Euronext is today one of the leading providers of flagship equity indices, such as the CAC 40®, AEX® and OBX®. This transaction allows us to further expand Euronext’s offering to interest rate benchmark indices and contributed data indices.
GRSS has a strong track record of continued revenue growth and high-quality service. We are glad to welcome to Euronext the existing GRSS management team, who will contribute to taking GRSS to the next step and further globally expand Euronext’s index capabilities.”
- Craig McIvor, Co-founder and Chief Executive Officer of GRSS, said:
“The acquisition by Euronext of a majority stake in GRSS underlines the high quality of its services towards customers. The GRSS management team is very excited about this acquisition and sees strong benefits and growth opportunities arising from being part of Euronext. Euronext already has a leading position in the equity indices space, which GRSS will complement by contributing GRSS’ expertise in interest rate benchmarks and contributed data indices.”
| ANALYSTS & INVESTORS – ir@euronext.com | |||
| Investor Relations | Aurélie Cohen | +33 1 70 48 24 17 | ir@euronext.com |
| Clément Kubiak | +33 1 70 48 26 33 | ir@euronext.com | |
| MEDIA – mediateam@euronext.com | |||
| Europe | Aurélie Cohen | +33 1 70 48 24 45 | mediateam@euronext.com |
| Andrea Monzani | +39 02 72 42 62 13 | ||
| Amsterdam | Marianne Aalders | +31 20 721 41 33 | amsterdampressoffice@euronext.com |
| Brussels | Marianne Aalders | +32 26 20 15 01 | brusselspressoffice@euronext.com |
| Dublin | Andrea Monzani | +39 02 72 42 62 13 | dublinpressoffice@euronext.com |
| Lisbon | Sandra Machado | +351 91 777 68 97 | portugalpressoffice@euronext.com |
| Milan, Rome | Ester Russom | +39 02 72 42 67 56 | italypressoffice@euronext.com |
| Oslo | Cathrine Lorvik Segerlund | +47 41 69 59 10 | oslopressoffice@euronext.com |
| Paris, Corporate | Flavio Bornancin-Tomasella | +33 1 70 48 24 45 | parispressoffice@euronext.com |
| Corporate Services | Coralie Patri | +33 7 88 34 27 44 | parispressoffice@euronext.com |
About Euronext
Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With close to 1,930 listed equity issuers and around €6.6 trillion in market capitalisation as of end December 2023, it has an unmatched blue chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs.
For the latest news, go to euronext.com or follow us on X (twitter.com/euronext) and LinkedIn (linkedin.com/company/euronext).
Disclaimer
This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.
© 2024, Euronext N.V. - All rights reserved.
The Euronext Group processes your personal data in order to provide you with information about Euronext (the "Purpose"). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.
Attachment
