Greece Clears Euronext’s All-Share Bid for Athens Exchange

Regulators Approve Change of Control

Greece’s regulators have cleared Euronext’s all-share takeover of the Athens Stock platform (ATHEX), removing the last major condition in the platform group’s bid to add the Greek bourse to its European network.

The Hellenic Capital Market Commission (HCMC) and the country’s energy regulator RAEWW both approved the transaction, covering Euronext’s suitability and its control over ATHEX’s energy-market holdings. The decision, announced on 14 November, makes the offer unconditional ahead of the tender’s close on 17 November. Results are expected two days later.

“All regulatory approvals for the voluntary share platform offer have now been obtained,” Euronext said in a statement.

Investor Takeaway

All-Share Offer Nears Completion

Euronext launched its voluntary platform offer on 6 October, proposing one Euronext share for every 20 ATHEX shares — a formula it has used in previous takeovers to preserve cash while expanding across Europe. The offer covers 100% of ATHEX and closes at 14:00 EET on 17 November.

The dual approvals were required because ATHEX owns roughly 21% of the Hellenic Energy platform (HEnEx) and EnExClear, the clearing arm for Greece’s power and gas markets. Any transfer of control needed separate clearance from RAEWW to infrastructure.

Integration into Euronext’s Network

The acquisition fits with Euronext’s push to unify Europe’s trading and clearing infrastructure. Since 2018, the group has brought Dublin, Oslo and Milan into its system, migrating markets to its Optiq® platform and consolidating post-trade operations through Euronext Clearing, the central counterparty it gained with Borsa Italiana in 2021.

that model into southern Europe, enabling Greek equities and derivatives to clear through Euronext’s in-house system rather than external providers. The platform argues the shift will and deepen Greek market access to EU investors.

Beyond operations, the deal carries symbolic weight. ATHEX, founded in 1876, has weathered several financial crises, including the 2015 capital controls that halt. Policymakers view Euronext’s arrival as a vote of confidence in Greece’s market reforms and its re-emergence within Europe’s capital markets.

Investor Takeaway

Final Steps and Timeline

Euronext has said it will not increase its offer, a stance consistent with its disciplined acquisition strategy since losing out on Spain’s BME in 2019. The outcome now depends on how many shareholders tender their stock. Strong participation would give Euronext full control of the Greek platform and a clear path to integration.

The acceptance period ends 17 November, with results due 19 November. later than that, attention will turn to how rapidly Athens is linked to Euronext’s trading and clearing backbone, and how that affects Greece’s listings pipeline. Once complete, the acquisition will extend Euronext’s network to eight European platforms, reinforcing its role as the region’s largest platform group.