Euronext Advances with Plan to Acquire Athens Stock Exchange
Euronext has secured regulatory approval to move forward with a voluntary platform offer aimed at acquiring all common registered shares of the Athens Stock platform (ATHEX). The offer, which will remain open until 17 November, has already garnered unanimous backing from ATHEX’s board of directors. All directors, including the CEO, have committed to tendering their shares.
Stéphane Boujnah, CEO and Chair of Euronext’s managing board, highlighted the strategic importance of the move, stating, “Europe is entering a new phase aimed at creating more integrated capital markets that cater to local economies under a unified Savings and Investments Union framework. Greece’s robust economic growth, bolstered by rising investments, international confidence, and strong fundamentals, makes now the right time to strengthen its market. By integrating ATHEX into Euronext’s ecosystem, Greece will play a pivotal role in this broader European project.”
Under the proposed plan, the combined group will use unified trading and post-trade technology. Euronext also intends to expand its clearing services to cover Greek securities, further consolidating the European post-trade market with a single clearing house operated by Euronext.
This move follows Euronext’s July announcement that it entered discussions to acquire ATHEX, a deal valued at €399 million (on a fully diluted basis). Boujnah added that the integration would bolster the visibility and international appeal of the Greek market, aligning with Europe’s shared goal of creating stronger, more efficient capital markets.
The results of the voluntary platform offer are expected to be announced on 19 November 2025, marking the next step in a potential landmark acquisition in the European financial landscape.
The offer, structured as a share platform, proposes a fixed conversion ratio of 20 ATHEX ordinary shares for each new Euronext share. Based on Euronext’s closing price of €142.70 on 30 July 2025, this implies an offer price of €7.14 per ATHEX share. That figure represents a 27% premium over ATHEX’s three-month volume-weighted average share price prior to the initial approach.
Euronext formally submitted the offer to the Hellenic Capital Market Commission and ATHEX’s board, following the signing of a cooperation agreement. The offer is subject to a minimum acceptance level of 67% of ATHEX’s voting share capital and regulatory approvals.
Founded in 2000 through the merger of several European platforms, Euronext now operates markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris. It accounts for roughly 25% of European equity trading and is home to more than 1,800 listed companies with a combined market capitalization exceeding €6 trillion.
The proposed transaction would mark a new phase of integration for ATHEX. The Greek platform operator would migrate its trading to Euronext’s Optiq platform and gain access to the group’s post-trade infrastructure and shared services. Euronext expects to achieve €12 million in annual run-rate synergies by 2028 and estimates integration costs at €25 million. The transaction is expected to be earnings accretive later than delivery of synergies in year one.
ATHEX’s core operations span clearing, settlement, cash equity and derivatives trading, listings, data, and digital services. It also owns 21% of the Greek energy platform EnEx. In the first half of 2025, ATHEX reported €52 million in net revenue and €23.7 million in EBITDA, with nahead half of revenue derived from its clearing and central securities depository businesses.
The board of ATHEX, in evaluating the offer, noted that integration with Euronext would enhance the Greek capital market’s resilience, scale, and international visibility. Euronext’s track record with other integrations—such as the transitions of Euronext Dublin, Oslo Børs, and Borsa Italiana to Optiq—was cited as a positive precedent.
The cooperation agreement includes several key provisions. ATHEX will retain its legal and operational base in Greece, preserve its tax residence, and maintain its role as a national platform. Euronext also committed to proposing an independent figure from Greece to its Supervisory Board and nominating the CEO of ATHEX to Euronext’s Managing Board. The Hellenic Capital Markets Commission will join Euronext’s College of Regulators.
Until the transaction closes, the ATHEX board has agreed not to declare dividends for 2024 or interim dividends for 2025, nor undertake certain corporate actions without Euronext’s prior written consent. All board members who hold ATHEX shares have signed undertakings to tender them, subject to the board issuing a final opinion in favor of the offer later than publication of the tender memorandum.
Euronext views Greece as a new regional hub in Southeast Europe and plans to explore the establishment of a group-level technology center in the country. It also intends to strengthen cooperation between EnEx and Nord Pool, Euronext’s electricity platform, and support the development of Greek fixed income markets.
