The Swiss stock exchange operator is closing in on the takeover of Spanish competitor BME and has sold a stake in another firm to generate the cash it needs to complete the transaction.
SIX has sold 11 million shares in Worldline for about 675 million euros ($733 million), the financial-market infrastructure group said in a statement on Tuesday. After the divestment, SIX has left a 16 percent stake in the French payment solution firm.
The Swiss stock exchange operator, based in Zurich, will use the proceeds from the divestment for buying Spanish rival Bolsas y Mercados Españoles (BME).
Step by Step
In November 2019, SIX launched a cash bid for BME, which was accepted. The Spanish authorities in March gave their approval, as reported by finews.com at the time. The deadline for BME shareholders to tender their stock to SIX is May 11. If the transaction can take place, SIX become the No. 3 among European stock exchange operators.
SIX became a shareholder in Worldline in 2018 when it sold the payments division to the French firm. SIX received 2.3 billion euros plus a 27-percent-stake in Worldline for the business.
