Bourse operator Euronext, owner of the Amsterdam stock exchange, has made an irreversible €510m cash bid for French clearing house Clearnet, the Financieele Dagblad reported on Wednesday.

At present, Clearnet is a unit of LCH Clearnet, a subsidiary of the London stock exchange (LSE).

The transaction is Euronext’s largest acquisition since it was established in 2014. In addition to the Amsterdam and Paris bourses, Euronext also operates the Brussels and Lisbon stock exchanges.

LSE is being forced to sell the French clearing house to win approval from the EU competition authority for its proposed merger with Deutsche Börse. The European Commission is particularly concerned about the power the UK and German bourses would have in the clearing of derivatives through the merger.