Euronext, the leading pan-European market infrastructure, has made a voluntary share-exchange offer to acquire all common shares of the Athens Exchange Group (ATHEX).
The move, which aims to further integrate European capital markets, has received unanimous support from ATHEX’s board of directors, and a cooperation agreement has already been signed between the two entities.
This move by Euronext, headquartered in Paris, underscores its strong confidence in Greece’s economic resurgence and the potential for deeper integration of Greek capital markets into the broader Eurozone and European Union financial landscape.
Euronext operates markets across Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal. It is listed on the Amsterdam Stock Exchange, with transaction clearing based in Rome. The group facilitates trading for approximately two thousand listed companies, with a combined market capitalization exceeding €6.6 trillion.
Terms of Euronext’s proposal for the Athens Exchange
Under the terms of the proposal, ATHEX shareholders would receive one new Euronext share for every 20 ATHEX shares they hold. Based on Euronext’s closing price of €142.70 on July 30, 2025, this values ATHEX at €7.14 per share, bringing its total fully diluted valuation to approximately €412.8 million. This represents a substantial 27% premium over ATHEX’s volume-weighted average share price for the preceding three months.
The acquisition, which remains subject to customary regulatory approvals, is expected to generate annual operating synergies of €12 million by 2028, with an estimated implementation cost of around €25 million.
This proposed merger perfectly aligns with Euronext’s strategic goal of deepening the integration of European capital markets. For Greece, a successful deal would significantly boost the visibility and appeal of its financial market, connecting it to Euronext’s sophisticated trading and post-trade infrastructure.
Euronext CEO Stéphane Boujnah highlighted the strategic timing and growth potential of the Greek market, calling the deal a “significant step toward a more competitive and unified European capital market.”
The Athens Exchange leads the world in 2025 gains
The Athens Stock Exchange is currently on an impressive winning streak, recording highs not seen in the past 15 years and posting steady growth for nine consecutive months.
This positive trend shows that companies listed on the Greek stock exchange are generating strong profits, and a significant amount of buying and selling of shares is occurring.
This booming activity has resulted in a record-breaking period for the Greek market, showing all the signs of a “bull market.” As of July 17, 2025, the Greek stock market is leading the world in gains for 2025, with an impressive increase of 34.86%. This puts it ahead of other strong performers, such as Seoul, South Korea (+33.04%), and Warsaw, Poland (+32.56%).
