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According to Deutsche Börse, the transaction's purpose is to partially finance the acquisition of the remaining 50 percent stake in Clearstream International. At the same time, Deutsche Börse will retain the financial flexibility to seize options for external growth along its expanded processing chain. Today, Deutsche Börse offers services from trading through clearing to settlement as well as IT and Information Products.
Deutsche Börse's CFO Mathias Hlubek commented on the transaction: "As the range of our products and services has grown since the IPO, the form and number of external growth opportunities has increased even further. In this environment we want to increase our financial flexibility and be in a position to actively take advantage of any value-enhancing opportunities that may arise at any time."
In the Clearstream acquisition, Deutsche Börse has offered cash or up to 8 million Deutsche Börse shares in an offer that values the outstanding 50 percent stake in Clearstream at 1.6 billion Euro and the remaining assets at 0.14 billion Euro. Currently, demand for shares valued at up to 180 million Euro has been indicated. Based on Wednesday's closing price, this would translate into approximately 3.8 million Deutsche Börse shares. The remainder of the purchase price will be paid largely from existing cash balances and the proceeds from the private placement with potentially a small amount being financed by debt. The issue proceeds arising from the capital increase mean that only a minimal amount of debt financing is required, thus increasing the financial flexibility of Deutsche Börse. Deutsche Bank is the sole bookrunner on the transaction.
