Euronext confirmed it has entered preliminary discussions to acquire up to 100% of Hellenic Exchanges–Athens Stock Exchange (EXAE), proposing an all-share transaction that would fold the Greek bourse into its pan-European network. The unsolicited, non-binding offer values EXAE at €6.90 per share — a 14% premium to the stock’s €6.03 close on 1 July — and implies a total equity valuation of about €399 million.
Under the indicative terms, investors would receive 21.029 EXAE shares for each new Euronext share, based on Euronext’s €145.10 closing price on 30 June. Completion is subject to due-diligence, board approval, shareholder consent and clearance from Greek and European regulators.
Greece’s Ministry of National Economy and Finance called the potential deal a “positive development” but stressed that talks remain at an early stage. EXAE’s board said it is assessing the proposal from strategic and financial perspectives with external advisers.
Absorbing Athens would make Greece the eighth market operated by Paris-headquartered Euronext, which already runs exchanges in France, the Netherlands, Belgium, Ireland, Portugal, Italy and Norway. The group handles roughly a quarter of European cash-equity trading and hosts some 1,800 listed companies with a combined market capitalisation above €6 trillion. Management says integrating the Greek market would deepen euro-area capital-market links and broaden international access to Greek issuers and investors.
Euronext said it is in talks to buy the Athens stock markets operator, a move it says would help integrate Greek capital markets into the Eurozone and increase their international development
