The exchange operator Euronext has made an indicative offer to purchase the B2B wealth-tech Allfunds platform.
Source: Pixabay.com
This proposal provides for the acquisition of the platform for 5.5 billion euros. The exchange operator intends to pay for a potential transaction with cash and shares. In response to media inquiries about the reliability of information about the company’s offer, firm representatives confirmed the probability of a takeover if the B2B platform makes the appropriate decision.
Allfunds informs that the unsolicited application concerns the entire issued and outstanding share capital at a price of 8.75 euros per share, consisting of 5.69 euros in cash and 0.04059 new Euronext shares. The price represents a premium of 19% to the close on February 21.
Euronext is currently negotiating with Hellman & Friedman and BNP Paribas, which jointly own 46.4% of Allfunds’ share capital. The company intends to receive support from the owners of the capital. Allfunds does not participate in the negotiation process.
The Board of Allfunds is currently studying the received proposal and the prospects of various options for responding to it. There are no guarantees that the transaction will take place.
Allfunds, listed on Euronext in 2021, has created an ecosystem that covers the entire value chain of the distribution of funds and the investment cycle, including with the help of Allfunds Connect, a complete set of digital tools, data and analytics with SaaS support.
The firm interacts with almost 3 thousand stock groups and manages assets with a total value of more than 1.3 trillion euros.
Euronext is a pan-European stock exchange that was established in September 2000. The exchange’s branches are located in Belgium, France, the Netherlands, and Portugal. Euronext also provides clearing services and financial information. As of January 2016, the total capitalization of the exchange was $ 2.9 trillion.
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