Euronext in €5.5bn takeover bid for wealthtech Allfunds
Euronext, a pan-European exchange operator, has reached out to B2B wealthtech platform Allfunds about a potential acquisition.
Following media speculation, Euronext confirmed it has submitted an “indicative offer” to Allfunds’ board of directors and is in “active discussions” with Allfunds’ largest shareholders, namely Hellman & Friedman with a 34.3% stake and BNP Paribas with 12.1%.
“This indicative offer is conditional, amongst other things, on reaching agreement with existing largest shareholders in Allfunds,” Euronext says.
While financial details have not been disclosed, according to Reuters, Euronext has tabled an offer of €5.5 billion ($5.85 billion).
Euronext, which handles 25% of European trading volumes, is looking to diversify its business and has embarked on a number of acquisitions in recent years, including picking up Borsa Italiana Group for €4.4 billion in 2021.
The company is reportedly offering to buy Madrid-based Allfunds at €8.75 per share, below the €7.2 billion valuation the firm reached in its Amsterdam listing in 2021, Reuters notes.
Allfunds shares rocketed by as much as 29% on the news to €9.445, their highest level since May, while Euronext shares fell 8%.