Euronext has confirmed that it is currently in discussions to acquire the Athens Stock Exchange (ATHEX) in a deal thought to value the trading venue at €399 million (on a fully diluted basis).
The talks with the board of directors of Hellenic Exchanges – Athens Stock Exchange specifically concerns a possible offer to acquire up to 100% of the shares in ATHEX.
Value-wise this potential offer would be structured as a share exchange, said Euronext.
The deal would value the Athens-based trading venue at €6.90 per share. An official offer submission is subject to due diligence.
The possible acquisition is motivated by the “growing need to enhance the European Union’s global competitiveness,” said Euronext, with the potential combination with ATHEX presenting an opportunity to “deliver on Euronext’s ambition to consolidate European capital markets with growth and synergy opportunities”.
If the deal is successful, the combined group is set to run on a unified trading and post-trade technology, with a cross-border clearing framework.
The move is also set to boost the development and attractivity of Greek markets, according to Euronext, who cite their strong interest in the strengthening of Greek capital markets as a key motivating factor – with the aim being to further integrate Greek capital markets into the Eurozone and the European Union.
Speaking to the discussions currently being held, Euronext clarified: “There can be no certainty, at this stage, that this would result in any agreement or transaction nor any offer being made. Euronext confirms that it will stick to its financial discipline and investment criteria policy as defined in its strategic plan.”