Irish Stock Exchange becomes Euronext Dublin as takeover deal completed

The 225-year-old exchange was sold last November

Irish Stock Exchange becomes Euronext Dublin as takeover deal completed

Stéphane Boujnah and Deirdre Somers at Euronext Dublin | Image: Supplied

The takeover of the Irish Stock Exchange by pan-European marketplace, Euronext, has been completed.

The Irish Stock Exchange will use the trading name Euronext Dublin from March 27th, with the legal name change taking place pending regulatory approval.

Dublin joins the Euronext Group alongside France, the Netherlands, Belgium, Portugal and the UK.

Euronext has completed the acquisition of 100% of the shares and voting rights of the Dublin exchange, with Ireland becoming one of the six core countries of Euronext.

Deirdre Somers has been appointed chief executive officer of Euronext Dublin and is to join the managing board of Euronext - with responsibilities to develop the Irish equity market.

The combined group has more than 37,000 listed bonds and 5,600 funds.

Euronext Dublin is also to be consolidated into Euronext financials from April 1st this year.

The Dublin exchange generated €32.3m in revenue in 2017.

File photo of the Irish Stock Exchange (ISE) in Dublin | Image: Mark Stedman/RollingNews.ie

Stéphane Boujnah, chief executive officer of Euronext, said: "We have a strong growth plan for our new combined group, to strengthen our leadership in debt and funds listings, and to be the entry point for ETF growth, while generating synergies through the integration of Euronext Dublin.

"This significant extension of the federal model will also reinforce Euronext’s post-Brexit strategic position and allow the Group to capture growth opportunities that arise, with a disciplined M&A approach."

Deirdre Somers added: "This is a historic day for Irish capital markets.

"We are excited to be part of the Euronext federal model and the opportunities that it delivers to listed companies and Irish enterprises to access wider pools of international capital and corporate services.

"We are looking forward to building on our reputation as a global leader in debt products to develop the Euronext centre of excellence in listings of Debt & Funds and ETFs to meet market needs."

The Irish Stock Exchange, first established back in 1793, was sold to Euronext for €137m last November.