SG CIB acted as Global Coordinator and Joint-Bookrunner in the IPO of Euronext
This high profile transaction represents an outstanding achievement of SG CIB’s Equity Capital Market and Financial Institutions franchises.
On June 20th, Euronext completed a € 846m IPO implying a total valuation of € 1.4bn. This transaction was initiated as part of the takeover by ICE of NYSE-Euronext for USD 10.3bn announced in December 2012 (in which SG CIB acted as advisor to ICE) and enables the leading pan-European stock exchange to be back as an independent listed company for the first time since 2007 when it was taken over by NYSE.
ICE was committed to (i) IPO Euronext as an independent company and (ii) to keep a minimum 25% stake unless replaced by shareholder(s) acceptable to the College of Regulators (CoR). The IPO preparation took place alongside the construction of the new perimeter, the carveout process and the establishment of Euronext as an independent company, which was subject to approval by the CoR
A group of Reference Shareholders comprising 11 leading financial institutions (incl. SG with a 3.0% stake) from the countries operated by Euronext committed to replace ICE and take a 33.36% stake in the company. Pre-IPO commitments also included two cornerstone investments for c. 2% of Euronext share capital
Complex market offering with three listings in Paris, Amsterdam and Brussels (listing in Lisbon planned before year-end), four retail offerings (FR, NL, BL and PT), alongside the private placement to institutional investors (including 144A offering) plus simultaneously an employee offering
Taking into account the 33.36% stake which had been pre-placed Reference Shareholders, ICE has achieved a close to full exit, holding a remaining 6% stake in the company
This transaction is an outstanding achievement of SG CIB’s Equity Capital Market and Financial Institutions franchises which has been possible through the combination of the teams’ M&A and ECM FI capabilities.
Among the Global Coordinator banks, SG CIB led the unique process of pre-IPO commitments (Reference and Cornerstone investors) placing c. 35% of the capital ahead of the IPO for an equivalent of c. € 467m and generating more than € 60m of anchor orders in the book.
Unusually complex execution achieved in record time, 8 months from the start of ICE's M&A-led ownership to carve-out and complete exit by IPO, which also had to navigate Euronext's unique multi-country regulatory regime.