Greece's Stock Exchange, ATHEX, Endorses Euronext's Bid
In a significant move, Euronext has proposed a voluntary share exchange offer to acquire all shares of Hellenic Exchanges-Athens Stock Exchange (ATHEX). The offer, valued at €7.14 per share, represents a total transaction value of approximately €412.8 million for the entire issued and to-be-issued ordinary share capital of ATHEX on a fully diluted basis.
The proposal, which was unanimously supported by the ATHEX Board of Directors, is part of Euronext's ambition to integrate European capital markets. The transaction is expected to create new growth and synergy opportunities, support the harmonisation of European capital markets through a unified technology platform, and position Greece as a vital and permanent element of the broader EU financial ecosystem.
Key Developments
The process began on July 1, 2025, with Euronext presenting an initial non-binding conditional share exchange proposal to ATHEX. Following negotiations, a revised and improved proposal was agreed upon, leading to the signing of a Cooperation Agreement on July 30, 2025, and the formal submission of the offer.
As of August 1, 2025, Euronext publicly launched this voluntary tender offer process and began notifying shareholders and regulatory authorities, including the Hellenic Capital Market Commission.
Financial Performance of ATHEX
In the first half of 2025, ATHEX recorded average daily volumes of approximately €198 million in cash equity and 51,600 average daily derivatives contracts traded. About 49% of ATHEX's revenues were generated from its Central Securities Depository (CSD) and clearing business.
In 2024, ATHEX generated net revenue of €52.0 million, a 76% increase compared to 2020, and €23.7 million of EBITDA (three times that of 2020). As of H1 2025, close to 150 companies were listed on ATHEX, with an average total market capitalization of €127 billion.
Synergies and Benefits for Euronext
Euronext expects to deliver €12 million annual run-rate cash synergies by the end of 2028, primarily through the migration of Greek trading to Optiq and harmonization of central functions. The combination would also allow Greek financial markets participants to join a network of over 1,800 listed companies with a combined market capitalisation exceeding €6 trillion.
Euronext aims to position Euronext Securities as the CSD of choice for Europe, with the contemplated acquisition of ATHEX further enhancing the harmonisation of European post-trade. The Greek economy is expected to continue to significantly support the exchange business, through a continued re-pricing of assets and increased international appeal.
The proposed Offer is subject to certain customary conditions and regulatory approvals. It is expected to be accretive for Euronext shareholders after delivery of synergies in year 1. The transaction is currently in the tender offer phase, awaiting regulatory approvals and shareholder acceptances.
[1] Source: Euronext Press Release, July 30, 2025 [2] Source: ATHEX Press Release, July 30, 2025 [3] Source: Hellenic Capital Market Commission, August 1, 2025 [4] Source: Euronext Tender Offer Document, August 1, 2025 [5] Source: ATHEX 2024 Annual Report, March 31, 2025
- The acquisition of Hellenic Exchanges-Athens Stock Exchange by Euronext, projected to be worth approximately €412.8 million, is anticipated to create a unified technology platform for European capital markets, aiming to harmonize and integrate the European finance industry.
- As part of their strategic ambition, Euronext expects to generate annual run-rate cash synergies of €12 million by 2028, primarily through the migration of Greek trading to Optiq and harmonization of central functions, thereby enlarging the network of listed companies to over 1,800 with a combined market capitalization above €6 trillion.
- The transaction, currently in the tender offer phase, is expected to position Euronext Securities as the Central Securities Depository of choice for Europe, while also providing growth opportunities and synergies to both parties.
- In terms of liquidity and financial performance, Hellenic Exchanges-Athens Stock Exchange registered an average daily volume of approximately €198 million in cash equity and 51,600 average daily derivatives contracts traded in the first half of 2025, with about 49% of its revenues generated from its Central Securities Depository and clearing business.
