Lambadarios advised Euronext on landmark share exchange offer for ATHEX

Date: 7th August 2025

Congratulations to Euronext on the launch of its voluntary public share exchange offer for the acquisition of all outstanding shares in Hellenic Exchanges – Athens Stock Exchange S.A. (ATHEX) — a landmark and innovative transaction that reinforces Greece’s strategic role within the evolving European capital markets architecture.

This is the first-ever public M&A transaction in Greece structured as a cross-border share exchange offer, reflecting not only a strong alignment of strategic interests but also a new model of integration for capital markets in Europe.

Lambadarios Law Firm acted as legal counsel to Euronext on this pioneering deal, which connects ATHEX to the Euronext single order book and unlocks significant long-term synergies, efficiencies, and investor access across the continent.

Under the terms of the offer, ATHEX shareholders will receive 1 newly issued Euronext share for every 20 ATHEX shares, representing a valuation of approximately €412.8 million, based on Euronext’s closing share price of €142.70 on 30 July 2025.

The transaction team was led by our Managing Partner and Head of M&A Constantinos Lambadarios, alongside our Head of Capital Markets Prokopis Dimitriadis, supported by Senior Associate Katerina Gini and Associates Virginia Kyrlakitsi, Alexandros Koukoutsis, Dimitra Kalantoni, and Stephanie Papazoglou.

We extend our sincere thanks to the Euronext team for their trust and collaboration, as well as to Deutsche Bank and our colleagues at Koutalidis Law Firm for their excellent cooperation throughout this process.

Congratulations to all parties involved.