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Strategic partnership agreement between Euronext Securities and Spafid in issuer services

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Milan – 3 March 2022 – Euronext Securities Milan (Monte Titoli) and Spafid today announce the agreement for a strategic partnership whereby:

  1. Euronext Securities Milan will acquire the General Meetings, Designated Representative, and Shareholder’s Registers activities of Spafid, solutions trusted by approximately 200 clients, and
  2. Euronext Securities Milan and Spafid will establish a closer cooperation aimed at mutually support the development of their respective core businesses.

For Euronext Securities, the acquisition is an important step to further develop local added-value services to issuers, and to deliver on Euronext Securities’ ambition to converge issuers services across all its locations – now spanning across Denmark, Norway, Portugal and Italy. Spafid will focus on its core business of advisory and consultancy tailormade services built around human talent and superior client relationship, while benefitting from a closer cooperation with Euronext. The activities of Spafid acquired by Euronext securities Milan cover:

  • General Meetings: the full logistic management of Italian issuer’s general meetings;
  • Designated Representative: proxy voting management;
  • Shareholder’s Registers: management of shareholders' register and other financial instruments’ register on their behalf.

Euronext Securities is already providing similar services in Denmark and Norway, and this acquisition marks an important milestone of the Euronext ‘Growth for Impact 2024’ strategy, to pan-Europeanise and scale up Euronext Securities, and specifically to expand added-value services towards financial institutions and issuers across all its locations. In Italy, the integration of these activities in Euronext Securities Milan provides clients with the benefit of a comprehensive and end-to-end management of the entire shareholder process. Spafid is a leading player in the Italian wealth management space, offering fiduciary, trustee family offices services to a wide range of clients and will continue to focus and expand on its core advisory and consultancy business in the Corporate services space.

Mauro Dognini, CEO of Euronext Securities Milan, said: “The development of services related to the management of shareholders meetings and proxy voting, and the shareholders register is a perfect fit for Euronext Securities Milan’s offering to Italian issuers, in particular for listed companies. Over the years Spafid has developed a solid business and an efficient service for its customers and we endeavour to improve the service level by dedicating the utmost attention to the needs of new customers”.

Paolo Cappugi, CEO of Spafid, said: “The market’s need for shareholder register book-keeping activities and assistance in staging annual general meetings is set to change and develop in the future in terms of the technology and operating systems used. As a result of this sale, Spafid will be able to further specialise in the pure, high value-added operational advisory and consultancy services already provided to listed companies and those at the listing phase. Euronext, with its cutting-edge technology platforms developed on a European scale, will be able to further enhance the quality of the service provided to companies by Spafid. Through this co-operation, Spafid and Euronext are well positioned to become leading market players, accompanying companies in the process of listing with best-in-class services consistent with their respective specializations and strategic missions”.

Notes to Editors: 1 The transaction is subject to the completion of the information and union consultation procedure. The closing is expected in Q2 2022.

About Spafid Spafid is the Mediobanca Group’s historical fiduciary company, registered with the Bank of Italy as required under ex-Article 106 of the Italian Banking Act. For decades it has provided top quality corporate services to a large number of institutions and in more recent years has further expanded to fiduciary management of high net worth individual wealth. The Mediobanca group is a premier specialized financial group offering Wealth Management, Consumer Banking and Corporate & Investment Banking services. Its impeccable reputation in Italy is the result of nearly eight decades of success driven by a responsible and sustainable approach to business and services that meet the highest standards of excellence.

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About Euronext 
Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With close to 2,000 listed issuers and around €5.8 trillion in market capitalisation as of end June 2022, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs.  
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