How and how much CDP and Intesa Sanpaolo will weigh in Euronext
Capital increase carried out by Euronext (which bought Borsa Italiana) with the role of Cdp and Intesa Sanpaolo. Here are news, numbers and comments.
Capital increase carried out by Euronext (which bought Borsa Italiana) as part of a system operation which for the Italian side sees the presence of Cassa Depositi e Prestiti (controlled by Mef) and Intesa Sanpaolo.
Here are news, numbers and comments.
THE ANNOUNCEMENT ON THE CAPITAL INCREASE OF EURONEXT
With the closing of the acquisition of Borsa Italiana by Euronext, announced today, Cdp Equity and Intesa Sanpaolo become shareholders of Euronext through the subscription of a private placement of 5.6 million and 1 million newly issued Euronext shares, respectively , at the price of 87.70 euros per share, for a total consideration of 579 million euros.
FINANCING OF THE OPERATION
The transaction is financed with approximately 0.3 billion of existing liquidity, 3.7 billion obtained from a bridge loan of 4.4 billion and 0.6 billion from the private placement.
THE ROLE OF CDP
Euronext plans to refinance the bridging loan by issuing new issues for approximately € 1.8 billion through an offer of rights to current shareholders and approximately € 1.8 billion of debt to be issued with long-term maturities. Both Cdp Equity and Intesa Sanpaolo enter into a modified and extended agreement with Euronext's main shareholders.
THE ROLE OF INTESA SANPAOLO
Intesa Sanpaolo will also enter Euronext in the same way, of which it has acquired 1.3% of the capital.
CDP's disbursement
The commitment relating to the subscription of the capital increase in option for the Cassa is equal to a total of 134 million euros.
THE COMMITMENTS OF THE REFERENCE SHAREHOLDERS
Under the new agreement, the relevant shareholders have undertaken not to sell or otherwise transfer or dispose of any Euronext common share for a period of three years, subject to certain exceptions.
THE WEIGHT OF CDP EQUITY
Since Cdp Equity – subsidiary of the holding Cassa Depositi e Prestiti – is now one of Euronext's two major shareholders with 7.31% of the share capital, it has the right to appoint one of the key shareholders' representatives on the Euronext Supervisory Board .
THE PRESENCE OF CDP IN THE BOARD
On 30 March, Euronext announced that Alessandra Ferone was appointed as a member of the Euronext Supervisory Board representing Cdp Equity, subject to regulatory and shareholder approval. The presence of Cdp Equity and Intesa Sanpaolo should further support the group's growth ambitions and facilitate SMEs' access to capital markets.
THE CASH NOTE DEPOSITS AND LOANS
With the closing of the acquisition of Borsa Italiana by Euronext, Cdp enters the company which, with the contribution of the Italian group, "will give life to a leading group in the European capital market". Cdp Equity, underlines a note , has acquired 7.3% of Euronext, through the subscription of a reserved capital increase of 491 million euros, thus becoming the first shareholder with the same stake as the French counterpart Caisse des Depots et Consignations ( Cdc). Intesa Sanpaolo will also enter Euronext in the same way, of which it has acquired 1.3% of the capital.
THE ITALIAN PRESENCE IN A STRATEGIC INFRASTRUCTURE
“The operation is consistent with CDP's mission to support the country's strategic infrastructures with a long-term perspective. Borsa Italiana, in fact, is an essential financial infrastructure, representing the main hub for the collection of equity and bond capital by Italian companies ”, explains the note from the Cassa.
THE COMMENT OF DI STEFANO (CDP EQUITY)
. “We are particularly proud to contribute to the entry of Borsa Italiana into Euronext, of which it will constitute the most significant component. The operation, in addition to generating synergies, will bring significant benefits to savers and Italian companies, especially SMEs, who will be able to access a single pan-European liquidity pool, increasing the visibility of national issuers, also thanks to the enhancement of the companies MTS, Montetitoli , Compensation and Guarantee Fund and the Elite platform. Through the acquisition of 7.3% of Euronext, CDP will foster the growth of the entire Italian service industry for financial intermediation and the development of a key infrastructure for the entrepreneurial and economic revitalization of the country, confirming the role of partner strategic and reliable for Italian companies and international investors ”, commented Pierpaolo Di Stefano, Chief Investment Officer and CEO of Cdp Equity.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/come-e-quanto-peseranno-cdp-e-intesa-sanpaolo-in-euronext/ on Thu, 29 Apr 2021 13:16:45 +0000.