02-07-2025
- Business
- Irish Independent
Deirdre Somers resigns non-executive role as Aquis signs deal with Swiss exchange
It follows the British firm's acquisition under a scheme of arrangement that has just been approved by the UK courts.
Ms Somers was appointed a non-executive director of Aquis in 2020. She was appointed CEO of the Irish Stock Exchange in 2007 and led the business until 2018, when the exchange was formally acquired by Euronext.
Aquis noted on her appointment that Ms Somers had led the transformation of the Irish Stock Exchange from a 'relatively small domestic equity exchange to a highly profitable PLC with global specialisms'.
Last November, Aquis and Switzerland's SIX announced that they had reached agreement on the terms of a recommended cash offer made by SIX for Aquis. It valued Aquis at £194m (€226m) on an enterprise value basis.
Six operates the SIX Swiss Exchange, which is currently billed as the third-largest in Europe and features about 250 listed firms.
It said that the acquisition of Aquis creates a pan-European exchange 'innovator', with 15pc market share and access to 16 capital markets across Europe.
Chief executive of SIX, Bjorn Sibbern, said the acquisition of the UK firm marks a 'significant milestone' in the group's evolution.
With Aquis, we gain not only access to new markets, but also the technology and expertise needed to drive innovation at scale
'With Aquis, we gain not only access to new markets, but also the technology and expertise needed to drive innovation at scale,' he said.
Mr Sibbern added that the group can now offer clients access to markets in Switzerland, Spain and the UK. Aquis will continue to operate under its established brand, with its existing management team and business model.
SIX said it will use Aquis' technology to spur capital markets innovation.
Aquis said that the completion of the deal sees Mr Sibbern join the UK firm's board, alongside other SIX executives, Tomas Kindler and Markus Gumpfer.
'Deirdre Somers, Mark Goodliffe, David Vaillant, Dr Ruth Wandhofer and Fields Wicker-Miurin have tendered their resignations and have stepped down from the Aquis board,' it added.
The Irish Stock Exchange has seen a decline in the number of companies it has listed, with giants such as CRH, Flutter Entertainment and DCC having left in recent years. Hotel group Dalata is currently up for sale and the outcome of that process could also see it terminate its listing.
