Euronext, the leading European capital market infrastructure, on Thursday announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (ATHEX), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20 ATHEX ordinary shares for each new Euronext share.
According to the announcement, "the combination between Euronext and ATHEX is in line with Euronext’s ambition to integrate European capital markets. The combined Group will foster harmonisation of European capital markets on a unified technology. Greek markets would benefit from increased visibility towards global investors as part of the largest single liquidity pool in Europe."
It added that "12 million euros of run-rate annual cash synergies are expected by 2028, with implementation costs related to these synergies expected to reach 25 million euros". 
The announcement notes that the offer meets Euronext's investment criteria, as the return on capital employed (ROCE) is expected to exceed the weighted average cost of capital (WACC) between the third and fifth year after the acquisition "and is expected to be accretive for Euronext shareholders after delivery of synergies in year 1".
The announcement also notes that the ATHEX Board of Directors "is unanimously supportive of the offer to ATHEX shareholders" and has entered into a cooperation agreement with Euronext.