Euronext has submitted a voluntary share-exchange offer to acquire all common shares of the Athens Exchange Group (ATHEX), in a move supported unanimously by the Greek company’s board of directors. A cooperation agreement between the two sides has also been signed.

Under the proposal, ATHEX shareholders would receive one new Euronext share for every 20 ATHEX shares. Based on Euronext’s July 30, 2025, closing price of €142.70, the offer values ATHEX at €7.14 per share—equating to a fully diluted valuation of approximately €412.8 million. This represents a 27% premium over ATHEX’s volume-weighted average share price for the previous three months.

The offer remains subject to customary regulatory approvals and conditions. Euronext estimates annual operating synergies of €12 million by 2028, with implementation costs of about €25 million.

The proposed acquisition aligns with Euronext’s strategy to further integrate European capital markets. The merger would boost the visibility and appeal of the Greek financial market while connecting it to Euronext’s advanced trading and post-trade infrastructure.

Euronext operates stock exchanges across major European financial centers including Paris, Amsterdam, Milan, and Dublin, managing roughly 25% of Europe’s total cash equity trading. If successful, the deal would give Greek market participants access to a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion.

Euronext CEO Stéphane Boujnah emphasized the strategic timing and growth potential of the Greek market, calling the deal a “significant step toward a more competitive and unified European capital market.”

Source: Ekathimerini.com