Pan-European exchange operator Euronext has clinched a majority stake in the Hellenic Exchanges – Athens Stock Exchange (ATHEX), the operator of Greece’s historic bourse.
The successful voluntary share-exchange tender offer announced yesterday has propelled Euronext to a commanding 74.25 per cent ownership, integrating the 149-year-old ATHEX into the continent’s largest market infrastructure group.
The acquisition, valued at around €399 million, was hailed as a “major milestone” by Euronext CEO Stéphane Boujnah.
“With ATHEX joining Euronext, Greece becomes part of an integrated European network connecting local economies to global markets,” he said.
The move follows months of regulatory scrutiny and strategic manoeuvring, culminating in a tender that far exceeded expectations.
With settlement slated for November 24 and new Euronext shares beginning dual trading across Amsterdam, Brussels, Lisbon and Paris on the same day, the deal paves the way for ATHEX’s swift migration to Euronext’s advanced Optiq trading platform.
Greek finance minister Kyriakos Pierrakakis praised the transaction as one of the “major investments of the past decades”, signalling strong governmental backing for deeper European financial ties.
“It will provide the Greek capital market with much broader access to capital, significantly greater liquidity, and will overall contribute to the upgrading of the Greek economy,” he said.
“It represents a very strong vote of confidence in the Greek economy and reflects the progress that our country has marked in recent years.”
Boujnah emphasised the deal’s role in “connecting local economies to global markets”, promising €12 million in annual cash synergies by 2028 through cost efficiencies in clearing, settlement and technology.
Euronext’s interest in ATHEX dates back to July, when initial discussions emerged for a potential all-share takeover valued at approximately $470 million (€408 million).
Formally submitted on July 30 under Greek Law 3461/2006, the voluntary exchange offer proposed 0.050 Euronext shares for each ATHEX share, a ratio designed to preserve cash while aligning interests across borders.
The acceptance period, running until November 14, drew nearly 43 million shares – well above the revised 50 per cent+1 threshold that Euronext lowered from 67 per cent earlier in the month to streamline the process.
ATHEX, founded in 1876 and a survivor of Greece’s tumultuous financial history – including the 2015 capital controls that halted trading for five weeks – operates as a near-monopoly in Greek equities and derivatives.
Its recent upgrade to “developed market” status by FTSE Russell in 2024 bolstered its appeal, with a market capitalisation exceeding €100 billion and growing listings in shipping, tourism and renewables.
For Euronext, already spanning Paris, Amsterdam, Milan, Oslo, Dublin and Lisbon with a €6.6 trillion market cap footprint, the Athens acquisition extends its reach into southeastern Europe, combating the fragmentation that hampers Europe’s competitiveness against the US.
In Greece, the deal arrives amid economic resurgence, with GDP growth outpacing the Eurozone average and foreign direct investment surging in post-crisis reforms.
French budgetary woes have received some unexpected relief from an unlikely benefactor: Greece, once seen as the black sheep of the eurozone. https://t.co/Ku77e9bFWA
— Brussels Signal (@brusselssignal) November 18, 2025
