By Fanis Zois

The Euronext Group, the largest multi-shareholder stock exchange in Europe, has confirmed that it has begun discussions with the board of directors of Hellenic Exchanges – Athens Stock Exchange (ATHEX), the operator of the Greek capital market, regarding a potential offer to acquire up to 100% of ATHEX shares.

This potential offer would be structured as a share exchange, valuing ATHEX at €6.90 per share, resulting in a fixed exchange ratio of 21.029 common shares of ATHEX for each new Euronext share.

Based on Euronext’s share price of €145.10 as of June 30, 2025, the potential offer would value the entire issued and to-be-issued share capital of ATHEX at €399 million on a fully diluted basis. The submission of an offer would be subject to customary due diligence.

A potential agreement would allow participants in the Greek financial market to join a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion.

FinMin: A tangible vote of confidence

“Ten years after the imposition of capital controls, a potential acquisition of the Athens Stock Exchange by Euronext constitutes a tangible vote of confidence in the stability and positive trajectory of the Greek economy.

At the same time, it marks Greece’s integration into the European financial landscape and strengthens the confidence of international investors,” according to the finance ministry.

The ministry emphasized that it views the prospect of an agreement very positively and pointed out that this is a commercial discussion at an early stage, which may or may not lead to a deal. In any case, any potential development will be subject to the approval of the relevant regulatory authorities and ultimately to the decision of the shareholders.

Support for the Integration Process

If the merger proceeds, the Ministry of National Economy and Finance has pledged active support for the integration process, ensuring smooth operational integration. A unified approach to infrastructure, operations, and supervision can significantly improve the efficiency, transparency, and international competitiveness of the Greek market.

The ministry also emphasized that it consistently encourages the inflow of foreign investments into Greece and believes that the size and expertise of Euronext, particularly regarding the equities and bonds market, can offer substantial benefits for investors and the Greek economy as a whole.