In a recent announcement, it was disclosed that Euronext has submitted a conditional, non-binding proposal for the acquisition of Hellenic Exchanges – Athens Stock Exchange S.A. (HELEX) through a share exchange transaction. The proposal implies a valuation of €6.90 per HELEX share, based on a fixed exchange ratio of 21.029 HELEX common shares for each new Euronext share.
Taking into account Euronext’s closing share price of €145.10 as of 30 June 2025, the indicative transaction would assign an equity value of approximately €399 million to the fully diluted share capital of HELEX. The submission of any formal offer remains subject to the satisfactory completion of due diligence and other customary conditions.
In a separate statement, the Board of Directors of HELEX acknowledged receipt of the proposal and confirmed that it is currently undertaking a comprehensive evaluation of the proposal from both a strategic and financial perspective, in consultation with its advisors. The Board also clarified that, as of this date, no discussions have been initiated with Euronext. The official statement reads:
“On 1 July 2025, the Board of Directors of Hellenic Exchanges – Athens Stock Exchange S.A. Holding received an unsolicited, non-binding, and conditional proposal from Euronext for a share exchange acquisition. The Board, in coordination with its financial and legal advisors, is reviewing the proposal in detail, considering its strategic and financial implications. No discussions have taken place with Euronext at this time. A formal response will be provided in due course.”
Greek Ministry of National Economy and Finance Expresses Preliminary Support
The Ministry of National Economy and Finance has expressed a favorable initial view of a potential agreement between the two capital markets. However, it emphasized that the matter remains at a preliminary, exploratory stage and that no outcome is guaranteed. Any prospective transaction would be subject to regulatory approvals as well as shareholder consent.
In its official statement, the Ministry noted:
“A decade after the implementation of capital controls, a potential acquisition of the Athens Stock Exchange by Euronext would constitute a strong vote of confidence in the stability and positive outlook of the Greek economy. It would also mark a significant step toward deeper integration of Greece within the European financial framework, reinforcing investor confidence at the international level.”
Should the proposed combination proceed, the Ministry affirmed its intention to actively support the integration process, ensuring a smooth and effective operational alignment. A harmonized approach to infrastructure, governance, and regulatory supervision is expected to enhance the efficiency, transparency, and global competitiveness of the Greek capital market.
