VP Securities acquired by EURONEXT

DENMARK Fintech & Payments EV €100–350M

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.

VP Securities, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the Financial Services sector (13.3x in 2020).

-> Deep-dive in Financial Services market trends

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.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2019

2018

Similar deals in Fintech & Payments

Similar deals in Fintech & Payments
Date	Acquirer	Target	Country	Sector
10/2022	PARTNERS GROUP	TELEPASS	ITALY	Fintech & Payments
10/2021	ADVENT INTERNATIONAL / EURAZEO	PLANET PAYMENT	IRELAND	Fintech & Payments
11/2020	NEXI	NETS	DENMARK	Fintech & Payments
10/2020	THE CARLYLE GROUP	CALASTONE	UNITED KINGDOM	Fintech & Payments
10/2020	ANACAP FINANCIAL PARTNERS	MARKET PAY	FRANCE	Fintech & Payments
04/2019	INFRONT	VEREINIGTE WIRTSCHAFTSDIENSTE VWD GROUP	GERMANY	Fintech & Payments
11/2015	EURAZEO	PLANET PAYMENT	IRELAND	Fintech & Payments
03/2014	ADVENT INTERNATIONAL / ATP PEP / BAIN CAPITAL	NETS	DENMARK	Fintech & Payments
09/2013	CVC	SKRILL GROUP	UNITED KINGDOM	Fintech & Payments
08/2012	EXPONENT PRIVATE EQUITY	PLANET PAYMENT	IRELAND	Fintech & Payments

REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EBITDA range: €5–25M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VP Securities by EURONEXT are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers EURONEXT’s acquisition of 100% of VP Securities, a Danish company specialised in Fintech & Payments, in 2020.

How was the acquisition of VP Securities by EURONEXT valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were VP Securities’s revenue and EBITDA at the time of the deal?

At the time of the transaction, VP Securities generated annual revenue estimated in the €50–100M range and EBITDA in the €5–25M bracket (FY 2019). Detailed financial figures are available to members.

How does the valuation of VP Securities compare to benchmarks in the Financial Services sector?

The estimated multiple of 5x - 12x sits below the sector median of 13.3x recorded in 2020, indicating an attractive entry multiple for EURONEXT or reflecting specific complexities. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.