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.

VP SECURITIES, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the Financial Services sector (14.0x).

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