Less than a month after Euronext’s confirmation, they were in talks about a possible bid for up to 100% of Athex’s shares, Pan-European Capital Market Infrastructure, announced the submission of an All-Share Phare Exchange Group that is aimed Exchange SA (Athex “, 3461/2006.
Euronext started the bidding process by informing the Hellenic Capital Market Committee (“HCMC”) and the ATHEX board of the offer and submitting a plan of the Greek Informatics Circular, in accordance with Article 10 (1) of the Law. The ATHEX Board of Directors unanimously supports the offer to Athex shareholders and concludes a cooperation agreement with Euronext.
Euronext’s offer is subject to certain common conditions and regulatory approvals. This bid would be structured as an exchange of shares with a fixed conversion rate of Athex’s 20,000 ordinary shares for each new Euronext stock.
Based on the Euronext closing price of € 142.7 from July 30, 2025, the proposed ATHEX offers at € 7.14 per share and the entire issued and issued by ATHEX’s usual share capital of approximately EUR 412.8 million on a fully diluted basis.
This transaction would also create new opportunities for growth and synergy, supporting the harmonization of European capital markets through a consolidated technological platform and Greece’s position as a vital and permanent element of the EU’s broader economic ecosystem.
The combination would allow participants in the Greek financial markets to participate in a network of over 1,800 listed companies with a combined market capitalization of more than € 6 trillion. EURONEXT’s interest in Athex reflects Euronext’s strong confidence in the development of the Greek economy and growth potential that comes from further integration of Greek capital markets into the eurozone and improving access to international investors.
Stéphane Boujnah, Managing Director and Chairman of the Board of Directors of Euronext, said:
“With the announced bid for the acquisition of ATHEX, the Greek capital market, Euronext is taking an important step towards a more comprehensive and more competitive capital market in Europe, the commitment to move forward to promoting European capital market. Its geographical footprint in Greece and the creation of funding in the region of Southeast Europe through Athex.
The bid price represents an premium of about 27% in a 3 -month Athex volume average volume of undisturbed shares since June 30, 2025.
The transaction would allow ATHEX shareholders to remain invested in the enlarged and significantly more different group by exchanging Athex’s shares for Euronext shares and will therefore benefit from continuing growth, value creation, liquidity and exposure to a multinational group.
The offer is subject to a minimum prerequisite of 67% of ATHEX’s share capital. Euronext reserves the right to modify this level at its discretion in accordance with Greek law.
The transaction is in line with ROCE’s Euronext investment criteria over WACC in year 3 to 5 after acquisition. The proposed bid allows Euronext to maintain the ability of free debt to finance further differentiation agreements and enhance the free liquidity of the stock.
The offer is expected to be open to acceptance, without prejudice to the approval of the circular information, from the quarter of 2025. All the Directors of the Board of Directors holding stocks and the ATHEX CEO have signed businesses to submit their shares, as a result of their issuing Law.
According to the Cooperation Agreement, the ATHEX Board of Directors does not propose, without prior written consent of the Declaration, Payment or Distribution of Dividends to shareholders or other distributions for 2024 or any provisional dividends for 2025.