Deutsche Börse sells ISE to Nasdaq
Nasdaq has bought International Securities Exchange (ISE), operator of three US equity options exchanges, and ISE’s holding company US Exchange Holdings, from Deutsche Börse for $1.1 billion.
The agreement excludes ownership interest in Bats Global Market and in Digital Asset Holdings, which will continue to be owned by Deutsche Börse.
Carsten Kengeter, CEO of Deutsche Börse, says: “We are pursuing the goal to become the number one or two player in every business in which we operate. This goal requires an active management of our business portfolio. In areas where we are not able to meet this goal, we are evaluating other options. ISE, purchased in 2007 before the financial crisis, is a highly attractive asset that has excellent prospects to develop under the ownership of an US exchange.”
At the time of the acquisition, ISE was allocated to the Eurex segment from a balance sheet perspective.
Deutsche Börse says with the divestiture, the “goodwill of the Eurex segment will only reduce partially, so that a high triple-digit million euro disposal gain is expected for Deutsche Börse on the group level”.
The completion of the transaction is subject to the approval by competition and supervisory authorities and is anticipated for the second half of 2016.
Perella Weinberg Partners is advising Deutsche Börse on the transaction. Allen & Overy is serving as Deutsche Börse’s legal counsel.
This latest deal is part of Deutsche Börse’s “far-reaching organisational changes”.
Also in February, Spain’s Bolsas y Mercados Españoles (BME) announced it had bought securities information provider Infobolsa from Deutsche Börse for €8.2 million in cash.
