Money News

Deutsche Boerse hungry for more after $1.8 billion ISS deal

FRANKFURT (Reuters) - Deutsche Boerse said on Wednesday it was aiming to clinch more big deals after a $1.8 billion acquisition of an 80% stake in Institutional Shareholder Services (ISS).

The German stock exchange operator said in a presentation to investors that it was explicitly targeting larger deals of 1-5 billion euros ($1.2-5.9 billion).

“We are generally open to larger deals,” Deutsche Boerse Chief Executive Officer Theodor Weimer told investors.

Deutsche Boerse said that it was aiming for 10% increases in revenue and profit through 2023.

Shares in Deutsche Boerse traded 3.4% higher at 1330 GMT.

The ISS deal, announced on Tuesday, makes good on a promise by Weimer to grow through acquisitions after his bid to acquire the Milan stock exchange failed over the summer.

($1 = 0.8428 euros)

Reporting by Tom Sims and Hans Seidenstuecker; editing by Emma Thomasson and Elaine Hardcastle