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Cboe Global Markets, Inc. 8-K Report, Regulation FD Disclosure (Dec 10, 2019)

Reports
Regulation FD·Other Events·Exhibits & Filings
Filing Date
Filed December 10, 2019
Period End
December 10, 2019
Security
CBOE
In the record · 2016–202610-K1110-Q328-K123

CBOE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 123 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Jan ’19Jan ’19
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Material agreement8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed December 10, 2019. Cited figures are marked; the original filing is the authoritative source.

Cboe Global Markets, Inc. (CBOE) announced on December 10, 2019, that it has entered into a definitive agreement to acquire the remaining shares of European Central Counterparty N.V.

(EuroCCP). This strategic acquisition, funded by existing cash, is expected to close in the first half of 2020, subject to regulatory approvals and the establishment of a supporting liquidity facility at EuroCCP. The acquisition of EuroCCP, a leading equities and fixed income clearing house, signifies Cboe's commitment to expanding its post-trade services and strengthening its European presence.

The planned Euro 1.5 billion liquidity facility will be a committed syndicated credit facility available to EuroCCP, with fees and interest on borrowings guaranteed by a Cboe affiliate. Investors should monitor regulatory approvals and the finalization of the liquidity facility terms for potential impacts on the transaction's completion and Cboe's financial obligations.

02—Key points

Key Highlights

  1. Cboe Global Markets (CBOE) to acquire remaining shares of European Central Counterparty N.V. (EuroCCP).
  2. Acquisition expected to close in the first half of 2020.
  3. Transaction will be funded using Cboe's existing cash on hand.
  4. Deal is subject to customary closing conditions, including regulatory approvals.
  5. A Euro 1.5 billion committed syndicated credit facility is planned to support EuroCCP post-acquisition.
  6. Fees and interest on borrowings for the liquidity facility will be guaranteed by a Cboe affiliate.
  7. The acquisition aims to enhance Cboe's post-trade capabilities and European footprint.

03—Questions

Frequently Asked Questions

  1. What is the main purpose of this acquisition for Cboe Global Markets?

    The acquisition of EuroCCP is intended to strengthen Cboe's post-trade services, particularly in equities and fixed income clearing, and to expand its presence and capabilities within the European market.

  2. What are the key conditions for the transaction to close?

    The transaction is subject to receiving required regulatory clearances and approvals, and the successful implementation of a supporting Euro 1.5 billion liquidity facility at the EuroCCP clearing entity level.

  3. How will Cboe Global Markets fund this acquisition?

    Cboe plans to fund the acquisition using its existing cash on hand, indicating a strong liquidity position without the immediate need for debt financing.

  4. What is the expected timeline for the acquisition to be completed?

    The company anticipates that the transaction will close in the first half of 2020.

04—Continue

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