Euronext Launches €413 Million Share-Exchange Offer for Athens Exchange

Euronext has launched a voluntary share-exchange offer to acquire all common shares of the Athens Exchange Group (ATHEX), valuing the Greek company at approximately €412.8 million based on a fixed exchange ratio of 20 ATHEX shares for one new Euronext share. The offer represents a premium of about 19% to 27% over ATHEX’s share price prior to the announcement and has received unanimous support from the ATHEX board, which also signed a cooperation agreement with Euronext. This acquisition aligns with Euronext’s strategic goal of integrating European capital markets, enhancing the competitiveness and investment attractiveness of the Greek market by connecting it to Euronext’s extensive network of exchanges across Europe. Euronext estimates annual operating synergies of €12 million by 2028 with implementation costs around €25 million. The deal aims to give Greek market participants access to a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion, strengthening the European capital market as a whole. Both sides view this as a timely investment opportunity supported by Greece’s recent economic growth and rising international confidence.