Euronext’s EUR 1.8 Billion Share Capital Increase

Clifford Chance advised the syndicate of underwriting banks on Euronext’s successful EUR 1.8 billion rights offer.

The offer is part of the financing of the acquisition of Borsa Italiana Group. The syndicate of underwriting banks included BofA Securities Europe, Crédit Agricole Corporate and Investment Bank, HSBC Continental Europe and JP Morgan as Joint Global Coordinators and further comprised ABN AMRO Bank, BNP Paribas, Intesa Sanpaolo, Mediobanca, Banca di Credito Finanziario, Société Générale, UniCredit Bank and ING Bank as Joint Bookrunners and Crédit Industriel et Commercial as Joint Lead Manager.

With approximately 98% of the rights exercised and the remainder of the offer largely oversubscribed, the final gross proceeds of the Offer amount to EUR 1,820 million. The net proceeds of the issue will be used to partially refinance the acquisition of the Borsa Italiana Group, completed by Euronext on 29 April 2021 for a final consideration of approximately EUR 4.4 billion.

The Clifford Chance cross-border team was led out of Amsterdam by Han Teerink (Picture) and in Paris by Alex Bafi and Olivier Plessis and further included Hans Beerlage, Thijs Legters, Laura Dolstra, Sabine van den Heuvel, Magdalena Kucko and Michiel Sunderman (in Amsterdam), Thomas Hobbs Martin (US team in Paris), Chris Roe and James Spencer (London) and Aline Cardin (Paris) and further support from the Milan and Brussels offices.

Involved fees earner: Alex Bafi – Clifford Chance; Hans Beerlage – Clifford Chance; Aline Cardin – Clifford Chance; Thomas Hobbs Martin – Clifford Chance; Magdalena Ku?ko – Clifford Chance; Olivier Plessis – Clifford Chance; Chris Roe – Clifford Chance; James Spencer – Clifford Chance; Michiel Sunderman – Clifford Chance; Han Teerink – Clifford Chance; Sabine van den Heuvel – Clifford Chance;

Law Firms: Clifford Chance;

Clients: ABN AMRO; Bank of America Securities Europe; BNP Paribas; Crédit Agricole Corporate and Investment Bank; HSBC Continental Europe; ING Bank; Intesa Sanpaolo S.p.A.; JP Morgan; Mediobanca; Société Générale; UniCredit Bank AG;

Author: Federica Tiefenthaler