Euronext agrees €130m Portuguese exchange takeover

Pan-European exchange Euronext has reached agreement with the Bolsa de Valores de Lisboa e Porto (BVLP) to buy out the Portuguese group for €130 million in a cash and shares offer. The move is the latest part of Euronext's effort to create a truly pan-European cash and derivatives exchange.

BVLP traded 4.2 million futures and options between January and November this year, executed on a quote-driven basis. The exchange already uses an older version of the same NSC trading system used by Euronext, which should minimise integration issues.

In time, Portuguese derivatives will run on the Liffe Connect system, as agreed under the terms of Euronext's ongoing takeover of the London International Futures and Options Exchange.

BVLP shareholders will receive €35 million in cash and 4.84 million share in Euronext worth €95 million at today's market close of €19.7. This would give BVLP shareholders a 4% stake in Euronext's enlarged share capital.