Published by Global Banking & Finance Review®
Posted on November 27, 2025
2 min readLast updated: January 20, 2026
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Deutsche Boerse is in exclusive talks to acquire Allfunds for €4.7 billion, combining cash and shares. Allfunds' board has agreed to the proposal.
FRANKFURT (Reuters) -German stock exchange operator Deutsche Boerse AG said on Thursday it is in exclusive talks with Allfunds over an acquisition of the European fund trading platform.
The German exchange operator added in a statement that Allfunds' board unanimously agreed to start exclusive discussions based on a non-binding offer of 8.80 euros ($10.20) per Allfunds share, made up of 4.30 euros in cash and 4.30 euros in new Deutsche Boerse shares plus a dividend of 0.20 euros.
That equates to a value of approximately 4.7 billion euros. Before the offer was announced, Allfunds was valued at just under 4 billion euros on the stock exchange.
However, Deutsche Boerse emphasized that the acquisition is not yet finalised. "A further announcement will be made as and when appropriate," the operator added in a statement.
Allfunds shares, listed in Amsterdam, rose by more than 20%, to 8 euros, while Deutsche Boerse shares climbed almost 3% to 227.70 euros.
Bloomberg was the first to report on Deutsche Boerse's interest in Allfunds.
U.S. technology investor Hellman & Friedman and French bank BNP Paribas are the largest shareholders in the Anglo-Spanish company that went public in 2021.
Talks between Hellman & Friedman and the financial investor CVC had previously failed due to differences over the price, according to the Bloomberg report.
In recent years, the Swiss stock exchange SIX and the French exchange Euronext had expressed interest in acquiring Allfunds. However, Euronext withdrew its takeover bid of approximately 5.5 billion euros almost two years ago.
($1 = 0.8626 euros)
(Reporting by Alexander Huebner and Ludwig Burger; writing by Miranda Murray; editing by Matthias Williams, Kirsten Donovan)
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control. This can lead to consolidation and expansion within the industry.
A trading platform is software that allows investors to buy and sell financial instruments such as stocks, bonds, and cryptocurrencies. It provides tools for market analysis and order execution.
Equity represents ownership in a company, typically in the form of shares. It reflects the value of a company after all liabilities have been deducted from its assets.
A dividend is a portion of a company's earnings distributed to its shareholders, typically in cash or additional shares. It is a way for companies to share profits with investors.
A financial community consists of individuals and organizations involved in the finance sector, including investors, analysts, and institutions, who interact and share information about financial markets.
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