Euronext in talks to acquire Athens Stock Exchange in €399 million deal

Investing.com -- Euronext (EPA:ENX) has confirmed it is in discussions with the board of directors of HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. ("ATHEX") regarding a possible acquisition of up to 100% of ATHEX shares.

The potential offer would be structured as a share exchange valuing ATHEX at €6.90 per share, with a fixed conversion rate of 21.029 ATHEX ordinary shares for each new Euronext share. Based on Euronext’s share price of €145.10 as of June 30, 2025, the deal would value ATHEX at approximately €399 million on a fully diluted basis.

Euronext noted that submitting a formal offer remains subject to due diligence. As Europe’s leading market infrastructure, Euronext positions itself as the backbone of the European Savings and Investments Union amid growing needs to enhance the European Union’s global competitiveness.

A combination with ATHEX would align with Euronext’s strategy to consolidate European capital markets, creating growth and synergy opportunities. The merged entity would promote harmonization of European capital markets through unified trading and post-trade technology within a cross-border clearing framework.

Euronext currently manages approximately 25% of cash equity trading activity in Europe, operating markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. The potential acquisition would enable Greek financial market participants to join a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion.

The company stated that its interest in ATHEX reflects strong confidence in the Greek economy’s development and the growth potential from further integrating Greek capital markets into the Eurozone and European Union.

Euronext emphasized it will maintain its financial discipline and investment criteria policy as defined in its strategic plan, adding that there is no certainty the discussions will result in any agreement or transaction.

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