Deutsche Boerse
Note: This is a daily stock update and the information stands true as of 28/11/25, 09:00 CET.
Company Update:
Expert Opinion:
If the deal goes through, this would be a great move for Deutsche Boerse. Indeed, we see Allfunds as a very good fit, very complementary to their Investment management services business. This business is still growing nicely (c6% per year) and is quite decorrelated from volumes, which is always a good diversification benefit for an exchange. One uncertainty remains: Could Euronext try to outbid them on the asset as they tried to buy it a couple of years ago (obviously unsuccessfully)?
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Company Update:
Deutsche Boerse indicated it is in exclusive discussions with Allfunds Group PLC, a digital ecosystem and fund distribution platform, regarding a full takeover of the company.
According to the non-binding proposal terms, Deutsche Boerse would pay a total consideration of €8.80 per Allfunds share (c. €5.3bn), comprising €4.30 per share in cash (c. €2.6bn in cash), €4.30 in new DB shares and a €0.20 dividend per Allfunds share.
There is currently no certainty that any transaction will proceed, while the terms and timing of any transaction could change too.
As a reminder, Euronext NV made an unsolicited offer to Allfunds shareholders in 2023 for €8.75 per Allfunds share at the time which was then rejected by management and shareholders. Please also note that BNP currently owns a minority stake in Allfunds (c. 12%), worth around €660m, should the bank tender its shares to the offer.
Expert Opinion:
If the deal goes through, this would be a great move for Deutsche Boerse. Indeed, we see Allfunds as a very good fit, very complementary to their Investment management services business. This business is still growing nicely (c6% per year) and is quite decorrelated from volumes, which is always a good diversification benefit for an exchange. One uncertainty remains: Could Euronext try to outbid them on the asset as they tried to buy it a couple of years ago (obviously unsuccessfully)?
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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