Euronext has submitted an all-share voluntary share exchange offer for ATHEX as it seeks to build out its presence in Southeast Europe.
Stéphane Boujnah, CEO and chairman of the managing board of Euronext, commented, “Euronext targets to further expand its geographical footprint to Greece and establish a financing hub in the Southeast Europe region through ATHEX.
“Greece has experienced strong economic growth in recent years, supported by rising investment, growing international confidence, and solid economic indicators. This is the right time, the right moment to invest in Greece.”
The offer will exchange every 20 ATHEX ordinary shares, each valued at €7.14, for one new Euronext share, valued at €142.7 as of 30 July. The ordinary share capital of ATHEX is valued at approximately €412.8 million on a fully diluted basis.
The acquisition was proposed earlier this month, and has since received unanimous support from the ATHEX board of directors.
READ MORE: Euronext-Athens’ deal gets cautious welcome from analysts
Euronext states that its consolidation with ATHEX would improve the Greek market’s international visibility and attract investment, and would contribute to the broader goal of harmonised European capital markets.
Boujnah stated, “Today, the commitment to progress towards a Savings and Investments Union (SIU) in Europe is unprecedented, and we are fully dedicated to transform this commitment into a reality.”
A consultation on the SIU by the European Commission closed in early June.
