Euronext Becomes Majority Owner of the Athens Stock Exchange

Euronext, the pan-European stock exchange, has gained control of the Athens Stock Exchange (ATHEX). About 74% of ATHEX shareholders accepted Euronext’s share-exchange offer. Under the deal, shareholders receive 0.050 new Euronext shares for each ATHEX share.

The acquisition is part of Euronext’s strategy to expand its presence in southern Europe and strengthen its network of exchanges across Europe. Euronext already operates in Belgium, France, Ireland, Italy, Netherlands, Norway, and Portugal, and ATHEX will now be integrated into this broader European network.

Euronext also plans to establish a support and technology centre in Athens to enhance its operations and further develop its network.

This transaction brings a number of potential benefits to investors in Greece in general, as well as investors in Greek share listings:

Technology and Infrastructure Uplift

Euronext brings sophisticated trading, clearing and post‐trade technology. ATHEX will be migrating to such a platform, reducing friction, improving speed/efficiency, reducing costs and raising the quality of the ATHEX exchange. Better market infrastructure can reduce execution risk, increase attractiveness for institutional buyers in Greek shares.

Improved Visibility & Signalling

The Euronext acquisition of ATHEX is a statement of confidence in Greece as a capital markets growth frontier. That signalling could raise investor interest domestically and internationally. Euronext emphasized that Greek issuers will access its broader investor network. For Greek listed shares, a higher ATHEX profile may attract new global funds that previously ignored Greece due to smaller size, lower liquidity or infrastructure issues.

Access to a Broader Liquidity Pool and Cross-Border Linkages

Euronext operates multiple European exchanges. Joining that network may provide Greek stocks with better access to pan-European flows, potentially more market‐making, easier trading for foreign investors, and possibly more derivatives/multi‐listing support. Over time this can help narrow bid/ask spreads, increase turnover and make equity issuance more viable because the listing venue becomes more credible.

Potential for Regional Hub Positioning and New Issuance

Part of Euronext’s rationale is that Greece could become a Southeast Europe financing hub via ATHEX. For listed and prospective Greek issuers: that could mean more capital‐raising, better access to debt markets, improved listing attractiveness, and perhaps more international companies choosing Greece for listing or raising cash.

Governance, Standards and Integration Benefits

Integration into a large exchange group tends to impose higher standards in terms of disclosure, regulatory oversight, and best practices. That can increase the comfort level for institutional investors. According to ATHEX’s board announcement, part of the deal is keeping ATHEX tax residence in Greece and maintaining certain local presence, which should ease concerns about local regulatory disruption.

The Greek stock exchange has seen rapid growth since the Greek debt crisis ended and COVID was surpassed. The past 52 weeks have seen an increase in the ATHEX index from 1380 to 2135, making it one of the best performing exchanges in Europe. The recovery is led by banking, infrastructure, tourism, shipping and other shares.

Despite this, ATHEX market capitalization is still small at approximately € 100 billion with average daily trading volume of € 215 is small, although improving over previous years. The high foreign ownership of Greek shares and rising turnover velocity indicate that a recovery is underway and that Greece is increasingly being looked at by foreign investors.

Source:

Euronext to acquire Athens Stock Exchange marking the next phase of exchange’s European expansion 19 November, 2025

Euronext becomes majority shareholder of the Athens Stock Exchange 20 November, 2025

Pierrakakis hails Euronext acquisition of Athens Stock Exchange 19 November, 2025