Pan-European market operator Euronext NV, faced with losing ground to bigger rivals, is intent on transforming the company.

Plan A: Purchase London Stock Exchange Group Plc’s French clearinghouse, which has already been agreed upon as an antitrust concession in the U.K. company’s merger. And if that mega-deal falls apart, and LSE no longer has to sell the French business? Plan B: Try to buy it anyway.

Euronext Chief Executive Officer Stephane Boujnah is a former investment banker and says he’s looking to reshape the company via acquisition. The terms of his 510 million euro ($543 million) agreement to buy a clearinghouse depends on whether or not LSE and Deutsche Boerse AG succeed in creating the biggest exchange company in Europe.

We are trying to strengthen Euronext irrespective of the merger,” Boujnah said of his planned purchase of LCH.Clearnet SA in an interview in Amsterdam. “We will be a willing buyer in an any event.”

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