(BFM Bourse) – The stock market operator has, following press information, announced that it has submitted an indicative offer to the board of directors of this Spanish company specializing in the distribution of funds.
Euronext’s thirst for acquisitions is not a priori completely satisfied. After having acquired, in particular, the Oslo and Milan stock exchanges in recent years, the operator of the Parisian market (among others) indicated on Wednesday that it had submitted an indicative offer to the board of directors of Allfunds, a Spanish company specialized in the distribution of investment funds.
“This indicative offer is currently being reviewed by the Allfunds Board of Directors and Euronext reserves the right to vary its terms. There is no certainty that this will lead to the presentation of an offer. A new announcement will be made in due course,” the company’s brief statement explains.
A market capitalization of more than 5 billion euros
Allfunds was a little more talkative. In a press release, the Spanish company, listed on the Amsterdam Stock Exchange, indicated that Euronext had submitted an offer to it on the basis of a price per share of 8.75 euros. Such an amount would bring the market capitalization (ie the value of equity) of Allfunds to 5.52 billion euros.
According to Allfunds, the Euronext offer would involve a mix of cash (5.69 euros per share) and securities (0.04059 new Euronext shares for one Allfunds share).
The main shareholders of Allfunds are the American private equity firm Hellmann & Friedman and BNP Paribas, which together hold approximately 46% of its capital. Based on its annual report, Allfunds posted in 2021 assets under management of 1,500 billion euros, a turnover of 506 million euros, an adjusted gross operating margin of 72.6%, a profit of 108 million euros and normalized cash generation of 228 million euros.
The two companies were forced to go public with those talks after Bloomberg reported those negotiations earlier this afternoon.
On the Paris Stock Exchange, this information caused a sharp decline in the Euronext share, which lost 5.2% around 4:25 p.m., while in Amsterdam, the Allfunds share jumped 16.6% to 8.55 euros, less than the 8.75 euros that Euronext would offer, according to the Spanish company.
Julien Marion – ©2023 BFM Bourse
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