Euronext said Thursday that it has launched a voluntary all-share exchange offer to acquire Hellenic Exchanges–Athens Stock Exchange (ATHEX), proposing a fixed conversion rate of 20 ATHEX shares for each newly issued Euronext share.
Euronext Announces Voluntary Share Exchange Offer For ATHEX Shares
The deal, which values ATHEX at approximately €412.8 million, is part of Euronext’s broader strategy to integrate European capital markets and expand its presence in Southeast Europe.
Based on Euronext’s closing price of €142.70 on 30 July, the offer equates to €7.14 per ATHEX share.
ATHEX’s board has unanimously backed the offer and entered into a cooperation agreement with Euronext.
Euronext explained that the combination would position Greece as a key part of the EU’s financial ecosystem, enabling the Greek market to benefit from enhanced visibility, international investment flows, and access to advanced trading and post-trade infrastructure.
€12 million in annual cost synergies are expected by 2028, with related implementation costs estimated at €25 million.
Euronext said the deal is expected to meet its return targets within three to five years and be accretive to earnings after the first year.
“This is the right time, the right moment to invest in Greece,” said Stéphane Boujnah, Euronext CEO. “Joining Euronext’s best-in-class trading and post-trade technology will boost the visibility and attractiveness of the Greek markets at an international scale.”
