Euronext planning to annex Athens Stock Exchange
In a significant development, Euronext, a leading pan-European exchange operator, has made a formal, unsolicited, non-binding, and conditional takeover proposal to acquire 100% of the Athens Stock Exchange (ATHEX). The proposal values ATHEX at €6.90 per share, leading to a total valuation of around €399 million.
The proposal, which is currently under evaluation by the Board of Directors of ATHEX, suggests a share exchange where approximately 21,029 ATHEX shares would be exchanged for one Euronext share. If the deal goes through, each Athex share would be exchanged for one new Euronext share.
The Greek Ministry of Economy and Finance has expressed a positive view of the proposal, regarding it as a vote of confidence in the stability and positive outlook of the Greek economy and as a step towards deeper integration of Greece into the European financial market. The acquisition would allow Greek financial market participants to join a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion.
Euronext highlighted that the offer remains subject to due diligence and further review. They also mentioned that the combined group would benefit from a unified trading and post-trade technology platform and a cross-border clearing framework, which would help support the transformation of Greece’s financial infrastructure and contribute to the integration of European capital markets.
At present, discussions between Euronext and ATHEX are ongoing, with the board of the Hellenic Exchanges Athens Stock Exchange (Athex) actively involved in the takeover talks. However, it is important to note that the share swap valuation of the Athens Stock Exchange is not final and could change.
In summary, the takeover proposal is officially on the table, positively received by the Greek government, valued at nearly €400 million, and in the evaluation phase by ATHEX, aiming to integrate Greek capital markets more deeply into Europe’s financial ecosystem. The potential deal, if approved, would mark a significant step in the integration of Greece into the European financial market.
The takeover proposal, currently under evaluation by ATHEX, involves a share exchange that could result in each Athex share being exchanged for one new Euronext share, reflecting Euronext's interest in the finance sector and potential business synergies. If the deal is approved, it could signal deeper integration of Greek businesses and financial markets into the European financial market.
