Euronext launches a takeover bid on the Athens Stock Exchange

Euronext, the pan-European group that includes the stock exchanges of Paris, Milan, Brussels, Amsterdam, Lisbon, Dublin and Oslo, is launching an offer on the Athens stock exchange Athex with the aim of integrating it into its markets. As stated in a statement, the deal involves a share exchange offer that values Athex shares at EUR 7.14. The group cites as the basis of the transaction 'the strengthening of the competitiveness of the European Union' and the European capital market and the 'significant benefits for the Greek market' also in terms of investment attractiveness.

The board of Athex 'unanimously supports the offer to shareholders and has entered into a cooperation agreement with Euronext'. The offer involves a share exchange with a fixed conversion rate of 20,000 Athex ordinary shares for each new Euronext share. Based on Euronext's closing price of EUR 142.7 on 30 July 2025, the proposed offer values Athex, as mentioned, at 7.14 per share and the entire issued and to be issued ordinary share capital of Athex at approximately EUR 412.8 million on a fully diluted basis.

Stephane Boujnah, CEO and Chairman of the Management Board of Euronext, said: 'With the announced bid to acquire Athex Euronext takes a significant step towards a more integrated and competitive capital market in Europe. Today, the commitment to progress towards a savings and investment union in Europe is unprecedented, and we are fully dedicated to making this commitment a reality'.

Euronext 'aims to further expand its geographical presence in Greece and create a financing hub in the South-East European region through Athex. Greece has experienced strong economic growth in recent years, supported by rising investment, growing international confidence and solid economic indicators. Now is the right time to invest in Greece. Joining Euronext's industry-leading trading and post-trading technology will increase the visibility and attractiveness of Greek markets on an international scale,' he added.

A possible integration with Athexm, the note says, would bring significant benefits to the Greek market, improving its international visibility, attracting investment and providing access to Euronext's integrated and state-of-the-art trading, clearing and post-trading services. It would also create new growth opportunities and synergies, promote the harmonisation of European capital markets through a unified technology platform, and position Greece as a vital and permanent part of the wider EU financial ecosystem.