Euronext: Acquires Nasdaq's Nordic Power Futures Business

Euronext announced the acquisition of Nasdaq’s Nordic power futures business, pending regulatory approvals. Euronext is pushing further into the European power market after it acquired Nord Pool, the second-largest European power market and largest power spot provider in the Nordics, in 2020. The deal anticipates moving Nasdaq’s Nordic power futures trading to Euronext Amsterdam and all existing open positions to Euronext clearing by the first half of 2026. Nord Pool is already building its power derivatives trading and clearing infrastructure, which it expects to go live by June 2025 and it hopes to add Nasdaq’s volumes in 2026. Financial details of the deal have not been disclosed. We maintain our EUR 102 per-share fair value estimate for Euronext and narrow moat.