AMSTERDAM: Pan-European stock exchange operator Euronext (ENX.PA) said on Monday it had received regulatory approval to launch a voluntary share exchange offer for all shares of the Hellenic Exchanges-ATHEX Stock Exchange (ATHEX.AT), a move it said would create a financial hub for Southeastern Europe.
The acceptance period for the tender offer commences on Oct. 6, 2025, and will run until Nov. 17, 2025. Euronext is offering one of its new ordinary shares for every 20 ATHEX shares.
The acquisition is a significant step towards building a “more integrated and more competitive capital market in Europe,” Euronext said, and would position ATHEX as a cornerstone for the group’s growth in the Southeast Europe region.
“The integration of ATHEX into Euronext’s ecosystem will enhance the visibility and international appeal of the Greek market,” said Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext. He cited Greece’s robust economic growth and rising international confidence as key reasons for the strategic move.
The deal has received the unanimous support of the ATHEX Board of Directors, whose members owning shares have committed to tender them, subject to a final reasoned opinion from the board as required by Greek law.
Euronext stated that integrating ATHEX would embed the Greek exchange into Europe’s largest liquidity pool, provide Greek companies with better access to financing, and create a unified post-trade infrastructure. The company expects the deal to deliver annual run-rate cash synergies of 12 million euros ($12.8 million) by the end of 2028.
The completion of the offer is conditional on Euronext acquiring a minimum of 67% of ATHEX’s voting rights. If it acquires 90% or more, Euronext will exercise a squeeze-out right to acquire the remaining shares.
The transaction is expected to be accretive to Euronext shareholders after synergies are realized in the first year.
($1 = 0.9373 euros)