Euronext has confirmed it is in discussions with the
board of Hellenic Exchanges-Athens Stock Exchange (ATHEX) over a possible
acquisition of the Greek market operator. The potential transaction would be structured as a
share exchange, valuing ATHEX at €6.90 per share and the entire capital of the
company at €399 million.
In a statement released on Monday, Euronext said the
proposed deal would involve a fixed conversion rate of 21.029 ATHEX ordinary
shares for each new Euronext share.
Based on Euronext’s closing price of €145.10 on June
30, the offer would value ATHEX at €399 million on a fully diluted basis. The
offer remains subject to due diligence, and no final agreement has been
reached.
Part of a Broader EU Market Consolidation Strategy
The move aligns with Euronext’s long-term strategy to
consolidate European capital markets. The company, which already operates exchanges in
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris, is the largest
liquidity pool in Europe, accounting for around 25% of all cash equity trading
activity across the region.
Euronext said the acquisition of ATHEX would support
the harmonization of European capital markets and allow Greek financial
participants to access a wider pool of liquidity.
Euronext also framed the deal as a vote of confidence
in the Greek economy and the potential of its capital markets. A merger would
give Greek issuers and investors access to a broader financial infrastructure
and position the country more firmly within the European Union’s capital
markets network.
Greece Seen as Strategic Growth Opportunity
If completed, the transaction would give ATHEX access
to a group that currently hosts more than 1,800 listed companies with a
combined market capitalization exceeding €6 trillion.
Euronext emphasized that the discussions are ongoing
and that there is no certainty that an agreement or offer will result. The company
stated that any potential deal would follow its existing financial discipline
and strategic investment criteria. Further updates will be provided if material
developments occur.
This article was written by Jared Kirui at www.financemagnates.com.
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