Greece Joins the League of Major Markets: Euronext Confirms Intent to Acquire Athens Stock Exchange

The French group Euronext has confirmed its interest in acquiring the Athens Stock Exchange (ASE). Euronext announced it has initiated discussions with the board of directors of the Hellenic Exchanges – ASE’s operator – regarding a potential takeover of up to 100% of its shares. The proposed offer would be structured as a stock exchange deal, valuing each ASE share at €6.90. This would equate to an exchange ratio of 21.029 existing common ASE shares for every new Euronext share. Based on Euronext’s share price of €145.10 on June 30, 2025, the potential offer values the fully diluted issued and to-be-issued capital of ASE at €399 million. The bid remains subject to due diligence. Euronext is Europe’s largest liquidity hub, managing around 25% of cash equity trading activity and operating markets across major financial centers including Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris. A potential merger would allow participants in Greek financial markets to join a network of more than 1,800 listed companies with a total market capitalization exceeding €6 trillion. Euronext’s track record in integrating market infrastructures positions it well to enhance the growth and international appeal of Greek markets while fostering efficiency and competitiveness across the group. The move reflects Euronext’s strong confidence in Greece’s economic development and the growth potential stemming from further integration of Greek capital markets into the Eurozone and European Union. Advanced negotiations are reportedly underway, with the Greek government viewing the developments positively, as such a move could bring significant benefits to the domestic market, businesses, and the economy overall.