Euronext, Europe’s largest stock exchange group, has submitted a takeover offer to the Athex Group for the Athens Stock Exchange (ATHEX), confirming ongoing discussions for a potential acquisition of up to 100 percent of the exchange.
This move by Euronext, headquartered in Paris and led by CEO Stephane Boujnah, underscores its strong confidence in Greece’s economic resurgence and the potential for deeper integration of Greek capital markets into the broader Eurozone and European Union financial landscape.
Euronext operates markets across Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal. It is listed on the Amsterdam Stock Exchange, with transaction clearing based in Rome. The group facilitates trading for approximately two thousand listed companies, with a combined market capitalization exceeding €6.6 trillion.
Athens Stock Exchange could join through Euronext over 1,800 listed companies
The proposed acquisition is seen as a strategic move to integrating the Greek capital market into a pan-European ecosystem.
If successful, ATHEX would join a network that boasts over 1,800 listed companies with a cumulative market capitalization of at least €6.3 trillion ($7.4 trillion), significantly enhancing its liquidity and appeal to foreign investors.
Market analysts say the integration into Euronext would potentially draw a significant number of foreign investors to ATHEX. As part of a reputable and established group, ATHEX would gain increased visibility and credibility, rather than being perceived as a standalone entity.
The initiative has the backing of the Greek government, with Prime Minister Kyriakos Mitsotakis and Economy and Finance Minister Kyriakos Pierrakakis having reportedly been informed from the outset. While government officials emphasize that this is a transaction between private entities, they view the development positively, recognizing the benefits it could bring to businesses, investors, and regulatory authorities.
Greece’s economic comeback
Euronext’s interest in ATHEX reflects a belief in the robust and improving economic status of Greece. The country’s recent attainment of investment grade status, coupled with four consecutive years of growth systematically exceeding the Eurozone average (from 2021 onwards), has signaled a positive long-term outlook.
This economic strengthening has made Greece an attractive prospect for significant investments like the one proposed by Euronext.
As stated by Euronext, a possible collaboration with ATHEX would “strengthen Euronext’s strategy for the integration of European capital markets, offering opportunities for growth and synergy.”
This potential acquisition highlights a pivotal moment for the Greek capital market, promising enhanced visibility, increased foreign investment, and greater access to a leading pan-European financial ecosystem, market analysts note.
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