Euronext said it has received regulatory approval to launch its voluntary exchange offer to acquire all common registered shares of Hellenic Exchanges–ATHEX Stock Exchange (ATHEX).
Euronext Launches Voluntary Exchange Offer for ATHEX Shares
The acceptance period opens on 6 October and will run until 17 November 2025.
The offer marks what Euronext described as a “significant step towards a more integrated and competitive capital market in Europe.”
Under the terms, shareholders will receive one newly issued Euronext share for every 20 ATHEX shares tendered.
Euronext said integrating ATHEX into its network of seven European exchanges, including Paris, Milan, and Amsterdam, will embed Greece within “Europe’s largest liquidity pool.”
The move is expected to boost access to financing for Greek corporates and strengthen Athens’ position as a financial hub for Southeastern Europe.
“Greece’s robust economic growth, supported by rising investment, growing international confidence, and solid fundamentals, makes this the right moment to strengthen its market,” said Stéphane Boujnah, CEO and Chairman of Euronext’s Managing Board. “Through the integration of ATHEX into Euronext’s ecosystem, Greece will play a key role in this European project.”
The ATHEX Board of Directors has unanimously endorsed the offer, with all directors who hold shares committing to tender them.
Euronext expects the transaction to generate annual cost synergies of €12 million by 2028 and be accretive for shareholders within the first year after completion.
If the offer achieves 90% acceptance, Euronext will seek to acquire the remaining shares through a squeeze-out procedure.
