Prague - The Vienna Stock Exchange (Wiener Börse) has announced it is taking over a majority stake in the Prague Stock Exchange (PSE) after reaching an agreement with a group of PSE shareholders.
The Austrian stock market operator has been selected over a number of larger suitors, including US-based Nasdaq and New York Stock Exchange, Germany's Deutsche Börse, and the London Stock Exchange.
PSE shareholders had agreed to sell a majority stake to to the highest bid, Aktuálně.cz was told earlier by a source linked to the shareholders.
Reaping the fruits
"We are very happy that we can join forces with such a respected and well-established partner in the region. We believe that our partnership with the Vienna Stock Exchange will help further expand Czech capital markets," said Jan Klenor, CEO of Patria, which is the largest PSE shareholder.
The Vienna Stock Exchange is already the majority owner of the Budapest Stock Exchange and, since June this year, Ljubljana Stock Exchange. The Austrian bourse also closely cooperates with stock markets in Bucharest, Sarajevo and Banja Luka.
"A group of shareholders has given the [Prague Stock Exchange] its current lustre, and now it is time for them to reap the fruits," says Raiffeisenbank analyst Aleš Michl.
The price of the Prague Stock Exchange, one of the largest stock markets in central and eastern Europe, is estimated at more than USD 300 million. "The transaction proceeds should not be lower than CZK 2.5 billion," says Cyrrus analyst Jan Procházka.
