Euronext Eyes Takeover of Athens Stock Exchange

Preliminary, non-binding proposal to acquire up to 100% of the Athens Stock Exchange.

Euronext, Europe’s leading exchange group, has made on Tuesday a preliminary, non-binding proposal to acquire up to 100% of the Athens Stock Exchange

(ATHEX), in a move that could further consolidate European capital markets under a unified framework. The offer, based on a share swap, values ATHEX at €399 million and reflects Euronext’s growing ambitions to deepen financial integration across the continent.

The proposal would see ATHEX shareholders receiving one Euronext share for every 21.029 shares they hold, implying a per-share value of €6.90 for ATHEX- about 14% above its market closing price of €6.03 on June 30. Using Euronext’s share price of €145.10 on the same date, the proposed transaction values the full, diluted share capital of ATHEX at nearly €400 million. However, the deal remains in early stages, contingent on due diligence, regulatory approvals, and shareholder consent.

Euronext confirmed that it has initiated talks with the board of Hellenic Exchanges - Athens Stock Exchange, the parent company that operates Greece’s primary stock market. While no formal offer has been submitted, the French-headquartered group indicated that the acquisition aligns with its long-term strategic goals and investment criteria.

This potential merger would bring Greece’s capital market infrastructure into a broader European network already spanning France, Italy, the Netherlands, Belgium, Portugal, Ireland, and Norway. Euronext currently facilitates approximately 25% of all equity trading in Europe and lists over 1,800 companies with a combined market capitalization exceeding €6 trillion. If completed, the acquisition would allow Greek market participants to access deeper liquidity and a larger investor base, while benefiting from shared technological platforms and operational efficiencies.

In a public statement, Euronext said that the integration of ATHEX would contribute meaningfully to its vision of a Capital Markets Union - a key priority for the European Union as it seeks to make its financial system more competitive globally. The company highlighted the potential to modernize Greece’s capital market infrastructure, enhance cross-border trading, and create new opportunities for domestic companies and investors.

The proposed transaction has been received positively by both the Greek government and key stakeholders in the financial sector. The Ministry of National Economy and Finance characterized the bid as a «vote of confidence» in the resilience and trajectory of the Greek economy. It emphasized that ten years after Greece imposed capital controls during its debt crisis, the country is now seen as a credible and attractive player in Europe’s financial landscape. Government officials view Euronext’s offer as an opportunity to boost foreign investment, lower entry costs for Greek companies seeking capital, and improve the international visibility of the Greek market.

Leading Greek banks, which hold significant stakes in ATHEX, have also welcomed the move, seeing it as a major upgrade to the country’s financial infrastructure. Discussions between Euronext and the exchange’s management are currently ongoing in Athens, with expectations of a public offer taking shape if negotiations progress smoothly.

Euronext’s interest in ATHEX comes amid a broader effort to standardize and harmonize trading operations across European exchanges. The group has a strong track record of integrating national exchanges into a single operational and technological ecosystem while respecting local market dynamics. Its acquisition of Italy’s Borsa Italiana in 2021 and the launch of EuroCTP in 2023 - a joint venture with 13 European exchanges to create a consolidated tape provider for EU markets - underscore this approach.

Founded nearly 150 years ago, the Athens Stock Exchange has played a defining role in Greece’s economic development. Its inclusion in Euronext’s network would make Greece the eighth country in the group’s portfolio, further embedding it within Europe’s financial core. The Ministry of National Economy and Finance has pledged to support the process if it proceeds, noting the potential for operational upgrades, increased transparency, and improved access to capital.

This potential deal also supports the European Commission’s Savings and Investment Union initiative, launched in March 2025. The initiative aims to better channel household savings into productive investment and to provide broader capital access for European businesses - goals directly aligned with Euronext’s strategy.

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