Papapolitis & Papapolitis Law Firm, acting as Greek legal counsel to the Athens Exchange Group in what is viewed as one of the largest investments in Greece in recent years, is pleased to witness the success of the voluntary tender offer of Euronext for the acquisition of all shares in Athens Exchange Group in exchange for Euronext shares.
The acceptance rate exceeded by far the minimum threshold of 50% plus one (1) share set by Euronext. During the six-week acceptance period, which ended on 17 November 2025, shareholders lawfully and validly tendered a total of 42,953,405 shares, representing approximately 74.25% of the voting rights in Athens Exchange Group.
This transaction represents the first-ever takeover of the only market-operator in Greece being also one of very few listed companies with such a largely dispersed shareholder base. The Athens Exchange Group board of directors’ decision to support the tender offer has been endorsed by the majority of shareholders.
The deal is set to mark the beginning of a new era for the Athens Exchange Group and the Greek capital market as a whole powered by a unified market infrastructure.
The P&P team was led by Elena Papachristou, Partner, Co-Head of Capital Markets and Financial Services Regulation, supported by Alexis Kontogiannis and Maria-Roxani Karydi, both Senior Associates in Capital Markets & Financial Services Regulation and Despoina Charakopoulou, Counsel in Employment and Labor Law.
We are particularly thankful to the ATHEX legal team and Morgan Stanley, who acted as ATHEX’s financial advisor for their trust as well as to Lambadarios Law Firm, for an excellent cooperation. Congratulations to Euronext and ATHEX and all their respective teams who have worked hard to bring this through!