Euronext’s takeover of the Athens Stock Exchange (ATHEX) is entering its final stretch, with the exchange group expected to confirm that it has secured nearly 75% of Hellenic Exchanges (EXAE). The level of acceptance effectively gives Euronext a clear mandate to fold the Greek market operator into its pan-European platform.
The completion of the public offer marks a decisive shift in the process. With most shareholders opting in, Euronext now moves toward formal steps that will transition ATHEX into “Euronext ATHEX,” ending the discussion about the exchange’s future and eliminating any alternative paths that might have emerged with a lower participation rate.
Merger Vote Set to Define the Next Phase
Focus now turns to the next General Assembly of EXAE shareholders. The meeting is expected to include a vote on the cross-border merger that will formally align ATHEX with the Euronext group. The agenda is also likely to include the exchange of EXAE shares for Euronext shares, a process the company can now fast-track given its majority stake.
Once the merger is approved, attention will shift to increasing Euronext’s ownership toward 90%. Reaching that threshold would trigger a squeeze-out, allowing Euronext to buy out remaining minority shareholders. The General Assembly is also expected to approve the delisting of EXAE from the Athens Stock Exchange, after which the company will operate as a wholly owned subsidiary without public-market reporting obligations.
According to the offer documentation, this phase of the transaction is expected to conclude around mid-February, when Euronext aims to complete the acquisition and begin full operational integration.
Integration Into Euronext Infrastructure
The upcoming shareholder meeting may also include approval of the long-term integration plan, which outlines the technological and operational transition of ATHEX into Euronext’s systems. Key milestones include:
- Migration to Euronext’s Optiq trading platform in 2027, requiring new infrastructure and investment.
- Transfer of clearing operations to Euronext Clearing in Italy between 2028 and 2029, moving derivatives positions and transaction flows outside Greece.
- Migration of the Central Securities Depository (ATHEXCSD) to Euronext’s core platform in 2029, completing the technical consolidation.
Approval would formalize ATHEX’s integration into Euronext’s unified operating model and align Greece’s market infrastructure with that of other Euronext exchanges.
Pressure Mounts on Smaller Brokerages
While the acquisition is seen as a major step for Greece’s capital-market modernization, it also raises concerns for the country’s smaller brokerage firms. Executives in the sector say the shift to Euronext’s higher standards in technology, compliance, and capitalization will be challenging for firms already contending with tight margins and rising costs.
Industry sources say several of the largest independent brokerages have begun exploratory talks on possible alliances. Rather than merging with one another, the emerging trend points toward potential partnerships with bank-owned brokerage units, which have the infrastructure and balance-sheet strength to adapt to the new environment.
The transition toward the Euronext framework is expected to accelerate consolidation in the sector, creating a market where only a small number of larger players can absorb the higher operating requirements.
