Euronext has filed a bid to acquire fund and distribution platform Allfunds.
In a statement issued on 22 February, Euronext, the continent’s largest exchange operator, submitted an indicative offer to the board of Allfunds.
The offer is conditional on, among other things, reaching an agreement with the company’s largest shareholders.
Reports from the Financial Times suggest the deal could be worth €5.5 billion, valuing individual shares at €8.75 each.
In its statement, Euronext said: “This indicative offer is currently under consideration by the Board of Allfunds, and Euronext reserves the right to amend its terms. There can be no certainty that this will lead to an offer being made. A further announcement will be made as and when required.”
“There can be no certainty that any transaction will be forthcoming nor as to the terms on which any such transaction may occur,” Allfunds said in a statement.
The Madrid-based Allfunds reached a valuation of €7.2 billion during its Amersterdam listing in 2021. In addition, Allfunds onboarded 104 new fund houses, on top of its existing 3,000 listings, and 51 new distributors as of October 2022.
The potential deal marks the latest diversification attempt by European exchanges.
In 2021, Euronext bought and integrated the Milan bourse in a €4.4 billion deal. The same year, the London Stock Exchange Group purchased financial data house Refinitic for €25.5 billion.
In October 2022, Credit Suisse sold its 8.6% share in Allfunds for €334 million.
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