Context

Euronext completed the acquisition of 100% of VP Securities, further consolidating its position as a leading CSD operator in Europe. This transaction followed Euronext’s "Nordic" expansion strategy, initiated with the takeovers of Oslo Børs VPS (2019) and Nord Pool (2020). By integrating VP Securities, Euronext scaled its Post-Trade division to represent 23% of its 2019 pro-forma revenue, significantly diversifying its income away from volatile trading volumes. The deal created a combined CSD network managing €2.2 trillion in assets under custody and 31 million annual settlement instructions. The acquisition was supported by over 90% of shareholders, triggering a compulsory acquisition for the remaining shares.

Target

VP Securities is the national Central Securities Depository of Denmark. It provides vital financial infrastructure services, including the issuance, registration, and settlement of securities, alongside the management of investor accounts. As a CSD, it acts as the backbone of the Danish capital market, ensuring the integrity and safety of financial transactions. At the time of acquisition, it managed millions of settlement instructions annually and held a significant volume of assets under custody for Danish and international investors.