SIX Group AG (“SIX”), the Swiss financial markets infrastructure operator, today received authorisation from the CNMV for its all-cash voluntary tender offer for Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A. (“BME”), operator of the Spanish stock exchanges and cornerstone of the Spanish capital markets. The offer acceptance period will be 43 calendar days from the trading business day following the publication of the first announcement. During this period, shareholders may tender their shares to receive €33.40 per share, all in cash.
SIX believes that the proposed transaction represents an attractive financial proposition for the current shareholders of BME and encourages them to tender their shares in the voluntary tender offer.
The key terms of the tender offer are:
The combination of BME and SIX, both of which are leaders in their domestic financial markets, would create a diversified group with a strong presence across Europe, becoming the 3rd-largest European financial market infrastructure group. SIX believes that this transaction will strengthen both the Spanish and Swiss ecosystems, by creating centres of excellence and bringing new capabilities to BME and SIX participants, as well as attracting new global capital pools to Spain.
Jos Dijsselhof, CEO of SIX, said today: “We are pleased to have received authorization from the CNMV today. We have presented an attractive offer to BME shareholders, with a price that reflects the value of the company and is all in cash. This represents an excellent opportunity for shareholders to tender their shares and cash in at an attractive price.”
With regards to the proposed industrial plan, Jos Dijsselhof added: “At a time of great economic uncertainty, our offer will provide for the formation of a strong and dynamic combined group with significant new growth opportunities. BME will benefit from SIX’s expertise across the entire value chain and will have the opportunity to become the leading EU-hub for the world’s largest asset pool. BME will also benefit from SIX’s strengths in financial information and distributed ledger technology, as well as its global reach. This proposed transaction will provide us with the capability to invest in both groups and create a stronger platform to compete and innovate in the global financial market infrastructure sector. We are closer to creating the 3rd largest European financial markets infrastructure group.”