Deutsche Börse is set to take full control of electronic derivatives exchange Eurex, agreeing to buy out co-owner SIX Group for nearly EUR600 million in cash and shares.
The German exchange operator will pay its Swiss counterpart EUR295 million in cash and EUR295 million in shares in the proposed combined Deutsche Börse and Nyse Euronext business.
In exchange, from 1 January, Deutsche Börse will get 100% of all Eurex sales and profits instead of the current 85% and hold all the share capital, instead of the current 50%.
With the current Eurex agreement due to expire in 2014, the two parties say they have been prompted to act by the upcoming Deutsche Börse-Nyse Euronext deal.
SIX Group says that what began as a commercial venture has over the years increasingly become a financial investment and that the increasing globalisation and standardisation of the derivatives business severely limits the scope for it to make any contribution.
The operator says it now "sees its future in supplying an independent, first-class infrastructure to the Swiss financial centre and in systematically executing its internationalisation strategy as a pan-European service provider".
The deal still needs to be given final approval by the Deutsche Börse supervisory board and the Nyse Euronext board (if that merger is completed). However, the Eurex agreement is not dependent on the Deutsche Börse-Nyse Euronext one going through.