Netherlands-based stock exchange operator Euronext NV completed the acquisition of 100% of the shares and voting rights of the Irish Stock Exchange, following regulatory approval.
Euronext noted that the ISE will now operate under the business name Euronext Dublin, with Deirdre Somers appointed as its CEO. Somers will also join the managing board of Euronext, with group level responsibilities to develop the Irish equity market, and be head of debt, funds and exchange-traded fund listings.
The deal is expected to generate run-rate pretax operating cost synergies of €6 million annually, to be fully achieved in 2020, driven in part by the migration to Euronext's Optiq proprietary trading platform.
Euronext Dublin, which will be consolidated in Euronext's financials as of April 1, generated €32.3 million in revenue at an EBITDA margin on 31.9% in 2017.