Euronext to Acquire ATHEX, Boosting Greek Market's International Appeal
Euronext, led by French investment banker Stéphane Boujnah since 2015, has made a significant move by launching a voluntary exchange offer to acquire all common registered shares of ATHEX, the Greek stock exchange. The acquisition aims to enhance the visibility and international appeal of the Greek stock market and make ATHEX Euronext's Southeast Europe hub for listings.
Boujnah, who has overseen Euronext's expansion through acquisitions and technological innovation, increasing its revenue and market capitalization, commented on the integration of ATHEX. If successful, Euronext will take control of ATHEX on 24 November, following the acceptance of the tender offer by ATHEX shareholders by 17 November. The offer exchanges every 20 ATHEX ordinary shares for one new Euronext ordinary share.
Euronext needs to gain 67% of ATHEX's voting rights, represented by 38,759,500 shares, to achieve a total of 90% voting rights. The plan includes improving liquidity for the Greek stock market by adopting Euronext's Optiq trading platform and expanding Euronext Clearing to cover Greek securities. ATHEX has shown positive growth, with its listings division up 27% to €2.5 million and trading up 37% to €6.5 million in H1 2024 year-on-year.
The acquisition of ATHEX by Euronext, led by Stéphane Boujnah, seeks to strengthen Euronext's presence in Southeast Europe and boost the Greek stock market's international appeal. If successful, Euronext will implement improvements to enhance liquidity and support ATHEX's growth.
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