Euronext is to acquire the technology business supporting its fixed income platform, MTS, from Nexi for €57 million.
The disposal of Nexi's capital markets activities is in line with a strategic review to focus on its core payment processing business following the completion of mergers with Nets and SIA.
According to Nexi, the business being sold generated recurring EBITDA of c.€5m per annum.
For Euronext, the acquisition will enable the exchange to internalise its largest IT contract.
Stéphane Boujnah, Euronext CEO and chairman of the Managing Board at Euronext says the deal represents a key milestone in the Borsa Italiana Group integration process.
"At Euronext, owning the intellectual property of our critical operations is at the center of our strategy, to secure the robustness of our operations and to enable further development and product innovation,” he says.
Upon completion, Nexi will retain other parts of the unit and continue to service Euronext in certain compliance, surveillance and post-trade functions.