THE IRISH STOCK Exchange (ISE) is being sold to pan-European exchange Euronext in a deal worth €137 million.
The Dublin-based exchange, which was founded in 1793 and is one of the oldest stock exchanges in the world, was put up for sale earlier this year.
Euronext said that the acquisition is part of its strategy to continue its growth. The company operates stock exchanges throughout Europe and already owns financial markets in France, the Netherlands, Belgium, Portugal and the UK.
Subject to regulatory approvals, the deal to buy the ISE is expected to close in the first quarter of 2018.
The ISE is currently owned by many of Ireland’s biggest stockbroking firms, including Davy, Goodbody and Investec.
Irish Stock Exchange chief executive Deirdre Somers said that today “is a landmark day in the 224-year history of ISE”.
“This transaction recognises the significant value and leading market position that has been built by the ISE,” she said.
“We believe that Euronext is the perfect partner to enable us to achieve our growth ambitions.
“Euronext is hugely complementary to the ISE, bringing valuable expertise, financial strength, global relationships and technological capability as well as a global brand.”
Euronext CEO Stéphane Boujnah said that the ISE joining Euronext “represents a major milestone in the expansion of Euronext’s federal model”.
“ISE brings to Euronext leading global positions in debt (and) funds. As part of Euronext, ISE’s growth initiatives will be reinforced with Euronext’s full support.”