Thursday, October 19, 2006
OMX Has Sold All Its Shares In Sweden CSD VPC
OMX Has Sold All Its Shares In Sweden CSD VPC
OMX has sold all its shares in Swedish CSD VPC. The 443 700 shares were sold for a consideration of SEK 575 million, and OMX´s total return from the divestment is estimated to be approximately SEK 80 million.
VPC has a license to use OMX's system for clearing and settlement. However, the joint development project regarding a Nordic CSD platform will be discontinued.
"OMX and VPC share the same vision of an integrated Nordic securities market and we are both fully dedicated to improve the efficiency of the Nordic financial market. When we discontinue our joint development project and sell our shares in VPC, OMX's role in the Nordic financial market will be focused on developing the OMX Nordic Exchange," said Magnus Böcker, CEO of OMX.
OMX's result from this divestment is to be recognized as other income during the fourth quarter of 2006. OMX estimates that the discontinued development project will have marginal effects on OMX's profitability.
VPC acquired the Finnish Clearing and Settlement operation APK from OMX in 2004, whereby OMX became a major shareholder in VPC. Prior to today's transaction, OMX, Handelsbanken Nordea, SEB and Swedbank held 19.78 percent each in VPC. After the acquisition of OMX's shares the four remaining major shareholders will hold slightly less than 25 percent each of the shares in VPC Group.
OMX provides technology to over 15 clearing, settlement and depository organizations around the world
OMX has sold all its shares in Swedish CSD VPC. The 443 700 shares were sold for a consideration of SEK 575 million, and OMX´s total return from the divestment is estimated to be approximately SEK 80 million.
VPC has a license to use OMX's system for clearing and settlement. However, the joint development project regarding a Nordic CSD platform will be discontinued.
"OMX and VPC share the same vision of an integrated Nordic securities market and we are both fully dedicated to improve the efficiency of the Nordic financial market. When we discontinue our joint development project and sell our shares in VPC, OMX's role in the Nordic financial market will be focused on developing the OMX Nordic Exchange," said Magnus Böcker, CEO of OMX.
OMX's result from this divestment is to be recognized as other income during the fourth quarter of 2006. OMX estimates that the discontinued development project will have marginal effects on OMX's profitability.
VPC acquired the Finnish Clearing and Settlement operation APK from OMX in 2004, whereby OMX became a major shareholder in VPC. Prior to today's transaction, OMX, Handelsbanken Nordea, SEB and Swedbank held 19.78 percent each in VPC. After the acquisition of OMX's shares the four remaining major shareholders will hold slightly less than 25 percent each of the shares in VPC Group.
OMX provides technology to over 15 clearing, settlement and depository organizations around the world
