Deutsche Börse AG and London Stock Exchange Group announce that they have reached agreement on the terms of a recommended all-share merger of equals. Under this industry defining combination, the companies will merge to create a leading Europe-based global markets infrastructure group, resulting in a significantly enhanced product offering for customers and in leading positions across multiple asset classes (derivatives, equities, fixed income, FX and energy products). The newly formed combined group will have the ability to serve global customers across the investment, trading and risk and balance sheet management life cycle. The Merger will deliver a platform of choice for risk and balance sheet management, increasing safety, resiliency and transparency in global markets.
The initial composition of the UK TopCo Board is as
follows:
- Donald Brydon will become Chairman
- Joachim Faber will become Deputy Chairman and Senior Independent Director
- Carsten Kengeter will become Chief Executive
- David Warren will become CFO
- Six further non executive directors nominated by LSEG and six further non-executive directors nominated by Deutsche Börse
On completion, Xavier Rolet will step down from his role as Chief Executive Officer of LSEG. On stepping down as CEO, Xavier Rolet will become an adviser to the Chairman and Deputy Chairman to assist with a successful transition. It is presently envisaged that this arrangement would last for up to one year.
Ownership structure of the new formed company
Following completion of the Merger, assuming 100 per cent acceptance of the Deutsche Börse Offer, 54.4% of UK TopCo will be owned by Deutsche Börse shareholders and 45.6% will be owned by LSEG shareholders on a fully diluted basis.
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