Silver Lake makes strategic investment in Euroclear through ICE deal

Technology investment firm Silver Lake and Intercontinental Exchange (NYSE:ICE) today announced an agreement in which Silver Lake will make a long-term strategic investment in Euroclear Holding SA/NV by acquiring ICE’s 9.85% stake in the company’s share capital for EUR709 million.

Euroclear is a leading Brussels, Belgium-based provider of post-trade security settlement, custody, collateral management, fund management and data services with €35.2 trillion of assets under custody and 284 million netted transactions settled in the 12 months ended June 2021. Euroclear is a vital European and global financial market infrastructure company, connecting more than 2,000 financial institutions in 50 different markets and settling transactions in 50 currencies.

Silver Lake’s acquisition of ICE’s stake in Euroclear is subject to customary closing conditions and regulatory approval. Following Silver Lake’s investment, Silver Lake will request that a representative of Silver Lake join the Board of Euroclear Holding SA/NV.

Christian Lucas, Co-Head of Silver Lake EMEA, said:

“We are thrilled to become a shareholder of Euroclear. We have been highly impressed by the company’s achievements over the years, continuously strengthening Euroclear’s positioning as a global leader in vital post-trade, collateral management, fund management and data services as well as the company’s crucial importance overall to the efficient functioning of financial markets in Europe and around the world.

As a leading technology investor, we look forward to contributing to Euroclear’s future growth, which is more than ever driven by innovation.”

“We have great respect for Euroclear and its leadership team, have seen the critical services and sustainable infrastructure it provides to our industry, and it has been a successful investment for ICE,” said Jeffrey C. Sprecher, ICE Chairman and Chief Executive Officer. “Going forward, Euroclear will have an outstanding long-term partner and shareholder in Silver Lake with its deep knowledge and experience in financial and technology investments.”

The transaction could close as soon as the first half of 2022. Moelis & Company served as ICE’s financial advisor on this transaction and Stibbe served as legal advisor. Lazard served as Silver Lake’s financial advisor and Simpson Thacher & Bartlett and Loyens & Loeff served as legal advisors.