Deutsche Börse has submitted a 5.3 billion euro offer for the fund platform Allfunds. This includes 8.80 euros per share, with 6 euros in cash and the rest in shares and dividend. The acquisition would be the largest in the company's history and requires regulatory approvals.
Deutsche Börse, Germany's largest stock exchange operator, is pursuing the acquisition of the Spanish-British fund platform Allfunds, marking the largest deal in its history. The offer totals 5.3 billion euros, equivalent to 8.80 euros per Allfunds share: 6 euros in cash, 2.60 euros in Deutsche Börse shares, and 20 cents as dividend. This was agreed upon after negotiations with management and major shareholders, as the Dax company announced on Wednesday evening.
Allfunds provides systems for trading investment funds, data analysis, and compliance services. By the end of 2025, the company managed around 1.7 trillion euros. The largest shareholders – Hellman & Friedman, GIC from Singapore, and BNP Paribas holding 48.9 percent together – have already committed to voting in favor. Allfunds' directors unanimously support the deal. Nearly 49 percent of the share capital has been tendered, with the threshold at 75 percent to be met at a shareholder meeting in March 2026.
CEO Stephan Leithner stated: "The acquisition is the next step in the development of Deutsche Börse as a European champion for critical financial market infrastructure." The takeover is expected to yield annual pre-tax cost savings of 60 million euros and an additional 30 million euros through joint investments. It complements Deutsche Börse's fund business, strong in Germany and Switzerland, with Allfunds' focus on Italy, Spain, and France.
The deal requires approvals, particularly from the EU competition commission, where analysts see only a 50 percent chance of success. Completion is planned for the first half of 2027. Exclusive talks were confirmed in November 2025. This is the second attempt; interest in 2020 failed over price. Allfunds' stock closed at 8.08 euros recently, indicating market doubts.
