Trade bourse holding group Cboe Global Markets has agreed to purchase Netherlands-based equity transaction clearing house EuroCCP in a deal that will enable several corporates to exit.
The size of the transaction was not disclosed but it will be an all-cash deal and is expected to close during the first half of 2020 once the requisite regulatory approvals have been secured.
Founded in 2007 as a subsidiary of US trade clearing services provider Depository Trust & Clearing Corporation, EuroCCP operates a platform used by 39 Europe-based trading venues to clear transactions with maximum operational and cost efficiency.
Cboe Global Markets already owned a 20% stake in EuroCCP, as did fellow stock exchange operators Euronext and Nasdaq, in addition to Depository Trust & Clearing Corporation and financial services firm ABN Amro’s clearing bank.
Euronext paid €13.4m ($14.9m) for its stake in 2016, in what appears to have been a secondary transaction with the other shareholders, which had already introduced EuroCCP’s technology to their trading platforms.