Euronext announced that it has completed the acquisition of 75% of the share capital of Global Rate Set Systems (GRSS), a provider of services to benchmark administrators. In 2023 (YE March), GRSS generated NZ$14.9 million ($9,2mn) in revenue.
Euronext’s acquisition of GRSS expands and enhances its index franchise, positioning the Group as a player in the calculation and administration of Interbank Offered Rate (IBOR) indices. GRSS provides mission-critical services to the benchmark administrators that produce three of Europe’s critical interest rate benchmarks: EURIBOR (global, the world’s largest benchmark), STIBOR (Sweden) and NIBOR (Norway).
GRSS also owns and operates two regulated benchmark administrators that produce CIBOR (Denmark) and PRIBOR (Czech Republic), and a benchmark administrator that produces the TAB, TADO and ICP indices (Chile). By partnering with GRSS and its founder, Euronext intends to strengthen GRSS’s position as the preferred provider in the contributed data and indices sector, leveraging on Euronext’s global leadership and reputation.
This acquisition contributes to the growth of Euronext’s fixed and subscription-based revenue. The acquisition does not have a significant impact on Euronext’s leverage ratio nor debt rating.