Intercontinental Exchange (ICE) just expanded its reach.
The Atlanta-based operator of global exchanges and provider of data and listings services, said on Tuesday that it acquired a 4.7% stake in Euroclear, a Belgium-based financial services company, for 275 million euros.
The roughly $323.5 million deal gives ICE access to a leading provider of post-trade services, including settlement, central securities depositories, and associated services for cross-border transactions across asset classes, the company said.
"We are thrilled to become a shareholder of Euroclear," said ICE Chairman and CEO Jeffrey C. Sprecher. "Euroclear's infrastructure plays an increasingly important role as technology, collateral, risk management and regulation continue to drive an emphasis on post-trade services. This transaction demonstrates our continued focus on expanding our investments in mission critical clearing and risk management assets. We look forward to supporting Euroclear's role as an independent provider of vitally important financial market infrastructure services."
Shares of ICE were sinking lower in afternoon trading on Tuesday.
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