The Ministry of Economy and Finance is positive about the possibility of a deal for the acquisition of the Athens Exchange by Euronext.

The government considers that the proposal submitted by Euronext to buy the Athens Exchange is a practical vote of confidence in the stability and positive development of the Greek economy. At the same time, it marks the deepening of Greece’s integration into the European financial space as a potential deal would allow Greek financial market participants to join a network of more than 1,800 listed companies with a total capitalization exceeding €6 trillion!

The filing of a proposal to acquire ATHEX GROUP was confirmed late Tuesday afternoon by Euronext Group in a statement. Based on what is known, the European brokerage giant’s proposal will include the exchange of shares, valuing HEXAE at 6.90 euros per share, leading to a valuation of 399 million euros.

For its part, the Board of Directors of EFAE announced that it is evaluating the Euronext takeover proposal from a strategic and financial perspective.

Specifically, HEXAE announced the following: “On 1 July 2025, the Board of Directors of HEXAE (Hellenic Stock Exchanges – Athens Stock Exchange, Inc.) received an unsolicited, non-binding and conditional takeover proposal by Euronext.

The Board of Directors, in cooperation with its advisors, is evaluating the proposal from a strategic and financial perspective.

At present, the Board of Directors has not entered into discussions with Euronext and will respond shortly.

The Euronext Group

Euronext, taking into account today’s press reports, confirms that it has entered into discussions with the board of directors of HELLENIC PETROLEUM – ATHENS FINANCIAL STATE HOLDING COMPANY (“Hellenic Capital Market Operator”) regarding a potential offer to acquire up to 100% of the shares of Hellenic Capital Market Operator (“HCM”).

The proposal would involve an exchange of shares, valuing HEXAE at EUR 6.90 per share and resulting in a fixed conversion rate of 21.029 common shares of HEXAE for each new Euronext share. Based on the Euronext share price of EUR 145.10 on 30 June 2025, the potential proposal would value the total issued and to be issued common share capital of HEXAE at EUR 399 million on a fully diluted basis. The submission of the offer is subject to the completion of due diligence checks.

As the leading pan-European stock exchange market operator, Euronext is the basis of the Savings and Investment Union (SIU), in the context of the growing need to strengthen the European Union’s global competitiveness. A possible cooperation with the HFSF would contribute to the realisation of Euronext’s ambitious goal of integrating European capital markets, creating new opportunities for growth and synergies. A unified Group would promote the harmonisation of the functioning of European capital markets through the use of a single technology for trading and post-trading and a common cross-border clearing framework.

Euronext has the largest liquidity in Europe. It manages around 25% of the total cash equity trading activity in Europe and operates in major financial centres such as Amsterdam, Brussels, Dublin, Lisbon, Lisbon, Milan, Oslo, and Paris.

A potential deal would allow participants in the Greek financial market to join a network of more than 1,800 listed companies with a total capitalisation of more than €6 trillion. Euronext’s proven experience in integrating capital markets infrastructure is an ideal opportunity to enhance the growth and attractiveness of the Greek capital market internationally and to strengthen the efficiency and competitiveness of the consolidated Group.

It should be noted that, at this stage, it is not certain that the process will lead to any agreement or transaction, nor has an offer been made. Euronext confirms that it will adhere to its policy on matters of financial discipline and investment criteria under its strategic plan. Euronext will announce any significant information in due course.

Ministry of National Economy: Positive proposal – Greece moves forward with confidence

The Ministry of National Economy and Finance is positive about the possibility of a deal for Euronext’s acquisition of the Athens Stock Exchange, but notes that this is an early-stage commercial discussion that may or may not result in a deal. In any case, any potential development will be subject to the approval of the relevant supervisory authorities and ultimately the decision of shareholders.

In a statement, the Ministry of Economy and Finance said that “ten years after the imposition of capital controls, a possible acquisition of the Athens Exchange by Euronext is a practical vote of confidence in the stability and positive course of the Greek economy. At the same time, it marks the deepening of Greece’s integration into the European financial space and strengthens the confidence of international investors.

Should the combination of the two entities proceed, the Ministry of Economy and Finance intends to actively support the integration process, ensuring smooth operational harmonization. A unified approach to infrastructure, operations and supervision can significantly improve the efficiency, transparency and international competitiveness of the Greek market.

The Ministry of Economy and Finance stresses that it is steadily encouraging the inflow of foreign investment into Greece and believes that the size and expertise of Euronext, in terms of the equity and bond market, can offer substantial benefits for investors and for the Greek economy as a whole.

We support the Ministry of National Economy, among other things:

-The relocation and upgrading of trading technology

-The integration of clearing and settlement functions in a broader cross-border context

.The harmonisation of post-trading support infrastructures; and

-Enhance synergies with other European markets in selected areas of economic activity, such as energy and debt.

“Greece is not just coming back – it is already back. And it is moving forward with confidence, strategy and a clear vision for the future.”

Bloomberg is impressed by Euronext’s proposal to buy the Athens Stock Exchange

The news that Euronext NV is in negotiations to acquire Hellenic Stock Exchange (ATHEX) was also reported by Bloomberg.

The agency noted that the move is aimed at strengthening the international development of Greek capital markets and further integrating them into the euro zone.