Bank of America Merrill Lynch International Designated Activity Company, Crédit Agricole Corporate and Investment Bank, HSBC France and JPMorgan Securities plc were advised regarding the acquisition financing, with the transaction comprising total cash consideration of €4,325 million.
Financing of the transaction has been fully secured by a bridge loan financing and long-term financing to be implemented through a mix of existing available cash, new debt and new equity in the form of a private placement to CDP Equity and Intesa Sanpaolo and a rights offer to Euronext’s shareholders.
Teams from the firm’s London and Milan offices were involved in negotiating the financing. They were led by partner Will Nevin, with the assistance of key associates Ahu Yalgin and Benjamin Robinson. Italian law acquisition advice was provided by Herbert Smith Freehills’ Milan office led by partner Lorenzo Parola and of counsel Simone Egidi.
Will Nevin, partner in Herbert Smith Freehills’ finance practice, commented: “We are delighted to have advised BAML, CA-CIB, HSBC and JPMorgan in supporting Euronext’s acquisition of the Borsa Italiana Group. This is a highly significant transaction for Europe’s market infrastructure and follows our previous advice to the banks on Euronext’s revolving credit facilities and its acquisition financing for its acquisition of Oslo Børs VPS.”
Euronext NV was advised on the acquisition financing by Allen & Overy LLP’s Paris office, led by partner Adrian Mellor, key associates Géraldine Lezmi and Yasmin Zeinab and trainee solicitor Sykes Mitchell.
The acquisition is expected to complete in the first half of 2021.