Pan-European stock market operator Euronext NV has confirmed it is in discussions to acquire up to 100% of the shares of Hellenic Exchanges – Athens Stock Exchange S.A. (ATHEX), in a potential all-share deal valued at approximately €399 million. The offer, which would be structured as a share exchange, proposes a fixed conversion rate of 21.029 ATHEX shares for one new Euronext share, valuing ATHEX at €6.90 per share, based on Euronext’s closing price of €145.10 on June 30.
The proposed transaction marks the latest strategic move by Euronext, which already operates exchanges in Paris, Amsterdam, Milan, Oslo, Brussels, Lisbon, and Dublin, managing around 25% of cash equity trading activity in Europe. If concluded, the deal would bring ATHEX into a powerful network of more than 1,800 listed companies with a combined market capitalization exceeding €6 trillion.
Euronext emphasized that the offer is non-binding and conditional on due diligence, with no certainty that a final agreement or formal bid will materialize. However, the group framed the potential acquisition as a key part of its broader strategy to consolidate fragmented European capital markets and enhance the global competitiveness of the European Union.
The Greek Finance Ministry welcomed the initiative calling it a “practical vote of confidence in the stability and positive course of the Greek economy” according to a Reuters report.
Importantly, ATHEX is already deeply embedded in the Southeastern European financial ecosystem. It is the fourth largest shareholder in the Belgrade Stock Exchange, holding a 10.24% stake, and also holds an equity position in Boursa Kuwait, acquired in during the Kuwaiti bourse’s privatisation process. Moreover, ATHEX collaborates closely with the Cyprus Stock Exchange (CSE) through the “Common Platform” initiative, a framework that aligns technological infrastructure and trading rules to streamline cross-border market access.
Euronext’s move comes as the Paris-headquartered stock market operator steps up efforts to retain European IPOs and capital activity within the bloc. Earlier this year, the group launched the European Common Prospectus and partnered with Deutsche Boerse to provide streamlined cross-border listing solutions, in response to a growing trend of European firms turning to U.S. markets.
A successful acquisition would not only deepen financial ties within the Eurozone but also provide Greek capital market participants access to Euronext’s advanced trading and post-trade technology. Euronext highlighted its proven track record in integrating national market infrastructures and generating cost efficiencies and competitive advantages.
ATHEX shares closed at €6.03 on Tuesday, below the potential offer price. Market observers suggest this spread reflects uncertainty around deal completion, though investor sentiment has turned cautiously optimistic.
Euronext pledged to maintain financial discipline in accordance with its strategic plan and said it would communicate further updates as necessary.
