Pan-European equity trading group Euronext acquires Athens Stock exchange

Pan-European stock exchange and trading platform Euronext will acquire the Athens Stock Exchange, a deal that confirms the growing importance of Greece’s capital markets and comes on the heels of several years of strong gains for Greek equities.

The all-share offer by Euronext was accepted by 74.2% of shareholders in Hellenic Exchanges – the parent company of the Athens bourse – underscoring the widespread support for the merger. The deal was also supported by the company’s Board of Directors and the Greek government, and paves the way for the ASE to become the eighth member of the Euronext network.

“The acquisition of the Athens Stock Exchange by Euronext is one of the most significant investments in recent decades,” said Finance Minister Kyriakos Pierrakakis. “It will provide the Greek capital market with much broader access to capital, with much greater liquidity, and will contribute to the overall upgrading of the Greek economy. It represents a very strong vote of confidence and reflects the progress that our country has made in recent years.”

With the conclusion of the deal, which has already received regulatory approval, the ASE joins the largest liquidity pool in Europe with more 1,800 listed companies of a combined market capitalization exceeding €6 trillion. Currently, Euronext manages approximately 25% of cash equity trading activity in Europe, operating markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. Euronext said that it will transform the Athens Stock Exchange into a financial hub for the region and develop it as a technology hub for the group.

The acquisition also comes after a months-long rally on the ASE, which made it one of the best performing stock markets in the world. And, just recently, market index provider FTSE Russell said it was restoring the ASE to developed market status after downgrading it a decade ago during the Eurozone crisis.