(BFM Stock Exchange) – The pan -European stock market operator has, following press information, confirmed to have views of the manager of the Athens Stock Exchange. The potential redemption offer would enhance the actions of the Greek company at nearly 400 million euros.

Euronext is obviously still thirsty for acquisitions. After notably bought, in recent years, the Oslo and Milan scholarships, the operator of the Parisian square (among others) admitted to having views of the Athens scholarship, Tuesday, July 1.

“Euronext confirms having started discussions with the board of directors of Hellenic Exchanges-Athens Stock Exchange (” Athex “), the Greek stock market operator, for a possible offer aimed at the acquisition of up to 100 % of ATHEX shares,” Euronext said in a press release.

In a brief separate press release, the Greek stock market operator also confirmed Tuesday that it had received “an unsolicited, non -binding and highly conditional buyout proposal from Euronext”.

Athex Group specifies that its board of directors “assesses the proposal from a strategic and financial point of view”. He has not, for the time being, “started from discussions with Euronext” and the group adds that he “will answer in due time”.

The two stock market operators were forced to get out of the wood while press information from New Money Greece published earlier in the day, reported the Euronext project to buy the Athens Stock Exchange.

In the Paris place, the Euronext action fell 1.4% this Wednesday, July 2 after the confirmation of brands of interest of the stock market operator for its Athenian counterpart.

An operation at 399 million euros

In her press release, Euronext detailed the contours of this potential operation, if she came to materialize. This acquisition would be structured in the form of a public supply of shares, Athex being itself listed on the Athens Stock Exchange. The chosen parity is as follows, namely 21.029 ATHEX ordinary shares at 6.90 euros for each new Euronext action, based on a course of 145.10 euros on June 30, 2025.

Bank of America stresses that this offer implies a premium of 14% compared to the price of Action Athex, as well as the issue of 2.75 million new Euronext shares, or 2.7% of the current number.

The potential offer would enhance all the actions of the operator of the Athens Stock Exchange at 399 million euros on an entirely diluted basis. Euronext wishes to specify that he must first lead a “due diligence”, that is to say preliminary verifications, before launching any offer on Athex.

Oddo BHF is confident in the course of operations, given the target size, which he considers “rather small”. “We expect the operation to take place quickly and that we soon have news from the next steps,” said the design office. The latter also appreciates the structure of the operation, since according to him, Euronext takes advantage of the recent performance of the course of its action to make its offer.

An additional brick in consolidation

For Euronext, this acquisition would strengthen its anchoring in southern Europe, a few years after handing over the Milan Stock Exchange.

“Euronext’s interest in Athex reflects Euronext’s great confidence in the development of the Greek economy and the growth potential arising from further integration of the Greek capital markets in the euro zone and the European Union,” added the pan -European operator.

Euronext’s initiative is seen from a “favorable eye” by the Greek Ministry of Finance. “A possible acquisition of the Athens Stock Exchange by Euronext would constitute a real vote of trust in the stability and the dynamism of the Greek economy. It would also mark a strengthening of the integration of Greece into European financial space and would strengthen the confidence of international investors,” developed the ministry in a press release cited by AFP.

Euronext recalls its position as European leader in stock market markets, claiming more than 1,800 listed companies which represent a total market capitalization of 6,000 billion euros on a single stock market covering seven countries.

The group stresses that this operation is in accordance with its ambition to “consolidate European capital markets”.

The stock market operator, like all the other major global operators, is on the lookout for targets to participate in the consolidation of its sector, which is above all a fixed cost industry, allowing significant economies of scale and therefore synergies.

Future synergies

So what do analysts think? Bank of America sees a “potential for high cost synergies” thanks to the migration of negotiation technology on the Euronext trading platform of Euronext and the combination of compensation chamber and those of conservation and settlement of securities, which represent approximately 47% of Athex revenues.

“Synergies in terms of income are also positive thanks to the increase in transactions volumes on the advanced Euronext negotiation platform and the development of Greek markets internationally as well as the introduction of new quotes,” adds the design office.

The financial intermediary recalls the successful experience of Euronext “in terms of integration of operations and carrying out cost synergies” after an acquisition. The operator has indeed reached 130 % respectively and 115 % of the initial objectives set during the acquisitions of the Dublin Stock Exchange and the Oslo Stock Exchange.

Bank of America estimates that the operation could increase the benefit per action by Euronext by 2027 by at least 1%, an assessment which it considers prudent with significant increase in synergies (which are not included in its calculation) and cost savings.

The Athens Stock Exchange is a “surprising target” for Oddo BHF. But the broker believes that it is perfectly in line with previous integration operations carried out by Euronext within the world of regional scholarships of the European Union.

“Euronext thus clearly points out that it wishes to act as an integrator of European capital markets, which, in our view, is fully supported by regulators. The price and structure of the offer seem reasonable and we therefore support the operation,” concludes the design office.