OMX has sold all its shares in VPC AB (VPC), totaling 443 700 shares for a consideration of SEK 575 million. OMXs result from this 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,” says Magnus Bcker, the CEO of OMX. “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.”
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 their profitability.
VPC acquired the Finnish Clearing and Settlement operation APK from OMX in 2004 whereby OMX became a major shareholder in VPC. Prior to the recent 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.
During the transaction Lenner & Partners provided financial advice to OMX and Erneholm & Haskel provided financial advice to VPC.
“This divestment further clarifies OMX’s role in the Nordic financial infrastructure,” says a spokesman for SEB. “SEB is pleased to have absorbed a proportion of OMX shareholding in VPC and will continue to act for further Nordic consolidation with a CSD acting primarily as a utility.”