(CercleFinance.com) – Euronext announced on Friday morning the signing of an agreement with a view to acquiring 75% of the capital of Global Rate Set Systems (GRSS), presented as one of the main providers of services to directors of benchmark indices.
Headquartered in New Zealand, GRSS notably provides essential services for administrators who produce three of the main interest rate benchmarks in Europe, namely EURIBOR, STIBOR (Sweden) and NIBOR (Norway).
This acquisition diversifies and strengthens Euronext’s index franchise, positioning the pan-European exchange group as a leading player in the calculation and administration of Interbank Offered Rate (IBOR) indices.
The transaction will be entirely financed by existing cash and will have no impact on Euronext’s deleveraging trajectory. It is expected to be completed in the second quarter of 2024, subject to customary regulatory approvals.