Euronext agreed to acquire the Irish Stock Exchange for €137 million ($163 million) in an all-share transaction, the exchange said in a statement Wednesday.
ISE CEO Deirdre Somers was named Euronext's head of debt, funds and exchange-traded funds listing and member of the Euronext managing board. The position is new, Euronext's spokeswoman said.
"Euronext is hugely complementary to the ISE, bringing valuable expertise, financial strength, global relationships and technological capability as well as a global brand. These will enable our business to build further on its track record of international achievement and capitalize on new market and product opportunities emerging in Europe," Ms. Somers said in the release.
Stéphane Boujnah, CEO and chairman of the managing board at Euronext, added in the release: "In addition to strengthening revenue profile and cost synergies, ISE is ideally positioned to benefit from market opportunities in a post-Brexit environment. Within this environment, our federal model clearly demonstrates its added value through a single cross-country liquidity pool, a single state-of-the-art proprietary technology, a single rule book and a complete and diversified set of services."
The acquisition closes in the first quarter of 2018.
