flatex AG: Regulator approves today flatex to acquire 100% of DEGIRO
July 21 2020 - 10:52AM
Business Wire
- DEGIRO consolidation into flatex group expected as of August
1, 2020 - flatex CEO Frank Niehage will join DEGIRO supervisory
board - Cash accounts for DEGIRO clients already implemented to
harvest synergies - Strong business trends continue throughout
July, mid-term ambition confirmed
Today, De Nederlandsche Bank (DNB) granted flatex AG (WKN:
FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) the declaration of
no-objection (DNO) on the acquisition of 100% of the shares in
DEGIRO B.V. The formal closing process has started and will be
completed by the end of July. DEGIRO is expected to be consolidated
into the flatex group as of August 1, 2020.
On December 13, 2019, flatex acquired 9.4% of DEGIRO for EUR
23.6 million in cash with the acquisition of the remaining 90.6%
being subject to the approval of the responsible authorities. De
Nederlandsche Bank (DNB) today granted approval in the form of a
declaration of no-objection. As a consequence, flatex will execute
on the purchase of the remaining 90.6% holding subsequently 100% of
DEGIRO B.V., financed by carrying out a capital increase against
contribution in kind. In this context, up to 7.5 million new flatex
shares will be issued to the current DEGIRO shareholders precluding
the subscription rights of existing shareholders. In addition,
flatex will pay on a debt-and-cash-free basis EUR 36.4 million in
cash.
After having received also the regulatory approval, flatex CEO
Frank Niehage will join the supervisory board of DEGIRO.
"When we signed the transaction, DEGIRO had less than 500k
customers. We are now closing the transaction with 250k additional
new clients at no additional costs and are becoming the first and
largest pan-European online broker", comments Frank Niehage, CEO of
flatex AG. "The project to provide cash for DEGIRO clients'
accounts at flatex bank is already fully under way. We expect
almost all EUR assets to be moved to flatex Bank by the end of Q3
2020. I am looking very much forward to working closely with my
DEGIRO supervisory board colleagues on the future success of our
European brokerage franchise".
"The first half of the year was exceptionally strong with
elevated levels of volatility driving trading behavior and a strong
growth in number of new clients - a trend fully extending into
July. Providing proper cash accounts for DEGIRO clients with flatex
Bank will further fuel client growth and will give DEGIRO clients
for the first time ever access to a statutory deposit insurance
scheme of a Eurozone bank. We are very confident on the EUR 30
million in annual synergies, first synergies will be leveraged in
the second half of 2020", adds Muhamad Chahrour, CFO of flatex
AG.
About flatex AG
flatex AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR)
operates one of the leading and fastest growing online brokerage
businesses in Europe, executing more than 12 million securities
transactions paperless per annum. More than 350,000 B2C customers
are offered top services and a wide range of an independent product
offering at a competitive pricing, based on a modern,
self-developed state-of-the-art technology.
In December 2019, flatex announced the acquisition of DeGiro,
which will make it one of the largest online brokers in Europe.
After completion of the transaction, together they expect to serve
more than 1.2 million customers with up to 50 million securities
transactions in 2020. In a time of bank consolidation, low interest
rates and digitalization, the flatex Group is thus ideally
positioned for further growth and on its way to becoming Europe's
leading provider of online retail brokerage.
Disclaimer
This release may contain forward-looking statements and
information, which may be identified by formulations using terms
such as "expects", "aims", "anticipates", "intends", "plans",
"believes", "seeks", "estimates" or "will". Such forward-looking
statements are based on our current expectations and certain
assumptions, which may be subject to variety of risks and
uncertainties. The results actually achieved by flatex AG may
substantially differ from these forward-looking statements. flatex
assumes no obligation to update these forward-looking statements or
to correct them in case of developments, which differ from those
anticipated.
Language:
English
Company:
flatex AG
Rotfeder-Ring 7
60327 Frankfurt / Main
Germany
Phone:
+49 (0) 69 450001 0
E-mail:
ir@flatex.com
Internet:
www.flatex.com
ISIN:
DE000FTG1111
WKN:
FTG111
Indices:
Scale 30
Listed:
Regulated Unofficial Market in Berlin,
Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart,
Tradegate Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20200721005705/en/
Muhamad Said Chahrour Chief Financial Officer (CFO) Tel. +49 (0)
69 450001 0 ir@flatex.com flatex AG Rotfeder-Ring 7 D-60327
Frankfurt/Main
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