Euronext announces the success of the voluntary share exchange tender offer to acquire ATHEX Group
Euronext announces the success of the voluntary share exchange tender offer to acquire ATHEX Group
- Strong shareholder support reflects confidence in the future growth trajectory of Euronext
- ATHEX to join Euronext’s best-in-class trading and post-trade technology, boosting the visibility and attractiveness of the Greek market on an international scale
- This result reinforces Euronext’s leadership in Europe and advances the Group’s diversification strategy
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 19 November 2025 – Euronext, the leading European capital market infrastructure, announces the success of the voluntary share exchange tender offer (“Tender Offer”) for HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), the parent company of ATHEX Group.
During the Acceptance Period1, which lasted six weeks and ended on 17 November 2025, shareholders lawfully and validly tendered, in aggregate, 42,953,405 ATHEX Shares corresponding to approximately 74.25% of the voting rights of ATHEX. The minimum number of shares prerequisite of 28,925,001 ATHEX Shares, corresponding to 50% plus one (1) share of ATHEX’s voting rights whose exercise is not subject to suspension, to be lawfully and validly tendered, has been satisfied.
On 14 November 2025, Euronext announced that all necessary regulatory approvals for the transaction have been received. As a result, all Conditions to the Tender Offer described in the Information Circular published on 6 October have been fulfilled.
Euronext expects to deliver significant synergies from the integration of ATHEX into its European market infrastructure. €12 million annual run-rate cash synergies are targeted by the end of 2028, notably through the migration of Greek trading to Optiq®, and harmonisation of central functions. Implementation costs to deliver those synergies are expected to amount to €25 million. The transaction is expected to be accretive for Euronext shareholders within the first year following the delivery of synergies.
Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, said: “The integration of ATHEX into Euronext marks a significant milestone for both Greece and the broader European financial landscape. By joining Euronext, ATHEX will become part of a strong and integrated European network focused on connecting local economies with global markets. Greek issuers, brokers and investors will benefit from advanced trading and post-trade technologies that will enhance the global positioning and competitiveness of the Greek capital market. We look forward to soon welcoming our new Greek colleagues who are joining the Euronext family.
This acquisition further consolidates Euronext’s role as Europe’s leading diversified market infrastructure and establishes a solid foundation for the Group’s development in Southeastern Europe, a region with strong growth prospects. In parallel, I am pleased to confirm our intention to establish a new Group-level support and technology centre in Athens, which will provide dedicated support to the Euronext Group’s business lines. This important initiative reflects our commitment to invest in Greek talent and create valuable opportunities for professional development, innovation and long-term success. We would like to sincerely thank the shareholders for their strong support in this pivotal moment, as we move forward together to build a more efficient, strong and integrated European capital market.”
Next steps and timetable
Euronext will issue the new ordinary shares (“Consideration Shares”) on 21 November 2025. On 24 November 2025, Euronext will settle the Tender Offer by procuring the exchange of ATHEX Shares lawfully and validly tendered in the Tender Offer for Consideration Shares. The Consideration Shares will be admitted to listing and trading on Euronext’s regulated market on the same day.
The former holders of ATHEX Shares who have lawfully and validly offered them in the Tender Offer are expected to receive the Consideration Shares to which they are entitled, on 24 November 2025.
Euronext will duly inform the investors of any change in the above dates by making an announcement which will be posted on its website, on the website of the Athens Stock Exchange and the Daily Bulletin of the Athens Stock Exchange.
The Offeror reserves the right to use any legally permitted method to acquire up to all of the ATHEX Shares. With less than 90% of ATHEX voting rights tendered, the Offeror will consider its options to achieve that goal and optimise the structure of the ATHEX Group within the Euronext Group. These options include, but are not limited to, the Post-Offer Measures set out in the Information Circular. Further updates will be provided as needed.
CONTACTS
ANALYSTS & INVESTORS – ir@euronext.com
Investor Relations Judith Stein +33 6 15 23 91 97
Margaux Kurver +33 6 84 16 85 03
MEDIA – mediateam@euronext.com
Europe Andrea Monzani +39 02 72 42 62 13
Sandra Machado +351 9 17 77 68 97
Belgium Marianne Aalders +32 26 20 15 01
France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45
Ireland Catalina Augspach +33 6 82 09 99 70
Italy Ester Russom +39 2 72 42 67 56
The Netherlands Marianne Aalders +31 20 721 41 33
Norway Cathrine Lorvik Segerlund +47 41 69 59 10
Portugal Sandra Machado +351 9 17 77 68 97
GREECE – V+O Communication
ao@vando.gr Argyro Oikonomou +30 69 36 02 63 35
ia@vando.gr Ioanna Alexopoulou +30 69 77 40 30 50
About Euronext
Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.
As of September 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host over 1,700 listed issuers with €6.5 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
For the latest news and resources, please visit the Media Centre. Follow us on X and LinkedIn for regular updates.
Disclaimer
This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.
© 2025, Euronext N.V. – All rights reserved.
The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.
1 Unless otherwise defined, capitalised terms and expressions used in this announcement shall have the same meaning as defined in the Information Circular published on 6 October 2025 following its approval by the Hellenic Capital Market Commission (HCMC), and in the subsequent announcement for the Approval of the Revision of the Tender Offer, dated 10 November 2025, published on ATHEX and Euronext’s website.
Attachment
