Euronext has made an all-share offer to acquire Hellenic Exchanges – Athens Stock Exchange (ATHEX) for €412.8 million ($472.7 million). The deal, announced on July 31, 2025, involves a share exchange where ATHEX shareholders will receive one new Euronext share for every 20 ATHEX shares, valuing ATHEX shares at €7.14 each. This offer, based on Euronext’s closing stock price of €142.70 on the same day, has been unanimously approved by the ATHEX board of directors.
The acquisition is part of Euronext’s strategy to strengthen European capital markets and enhance the visibility of Greek markets within the broader European financial ecosystem. Euronext expects to achieve annual operating synergies of €12 million by 2028, with an estimated implementation cost of €25 million.
This deal reflects Euronext’s ambitions to consolidate its presence in Europe’s financial landscape. With operations already spanning across France, the Netherlands, Belgium, Portugal, Ireland, and Norway, the addition of ATHEX will allow Euronext to offer a more unified trading and post-trade infrastructure across the continent. The integration of ATHEX is also expected to enhance access to financing for Greek corporates and contribute to the resilience of local capital markets.
However, the transaction is still subject to regulatory approvals and customary closing conditions. If successful, the deal will further strengthen Euronext’s position as a key player in European financial markets, providing a more seamless trading platform for investors and businesses alike.
As the acquisition process unfolds, market participants will be closely monitoring how it impacts Greece’s financial market dynamics and the broader European trading landscape. Euronext’s continued expansion reflects the growing trend towards consolidation in European financial services, with a focus on enhancing market infrastructure and cross-border connectivity.
