European exchange operator Euronext has received approval from the European Commission to go ahead with its planned purchase of Borsa Italiana.
Euronext entered into a definitive agreement to acquire Borsa Italiana from the London Stock Exchange Group (LSEG) in October last year for €4.3 billion.
Approval from the European Commission of Euronext as a purchaser under the EU Merger Regulation was one of the final obstacles standing between the exchange and the successful completion of the deal.
Euronext shareholders unanimously approved the acquisition of Borsa Italiana from LSEG in November and the exchange has subsequently reshuffled the leadership of its Paris business in preparation for the completion of the deal.
Delphine d’Amarzit joined Euronext Paris as chief executive officer replacing Anthony Attia, who had been chief executive of Euronext Paris for the last seven years, and who the exchange confirmed would be “instrumental” in the expected integration of the Borsa Italiana business.
“Euronext is opening a new chapter in its growth journey with the contemplated acquisition of the Borsa Italiana Group, and the successful recent expansion into new geographies and activities,” said Stephane Boujnah, chief executive of Euronext. “As a result, Euronext must adjust its organisation to fit its ambition to build the leading pan-European market infrastructure and cement the scalability of its unique federal model.”
The LSEG is selling off its Borsa Italiana business to alleviate concerns from the European Commission that its $27 billion takeover of Refinitiv would dampen competition.
The exchange received approval for the deal from the European Commission in January earlier this year on the basis that it would be selling its Borsa Italiana business to Euronext.