Euronext has received the blessing of the European Commission for its €4.3 billion (US$5.19 billion) acquisition of Borsa Italiana from the London Stock Exchange, bringing the exchange group one step closer to finalizing the deal.
Following an in-depth investigation into the mega-merger, European authorities greenlight the buyout transaction, which was dependent on the EU’s approval of LSEG’s US$27 billion takeover of Refinitiv.
The EU antitrust watchdog stated its investigation had raised a number of concerns about the deal, but these issues could be addressed by a number of remedies.
“This approval further improves the certainty of execution of the Transaction, by satisfying an additional major condition for the completion of the Transaction,” Euronext stated.
The development marks another step forward for the pan-European exchange in its bid to acquire the Italian key bourse and create a new financial markets heavyweight.
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