Deutsche Börse Group and Allfunds have entered a binding agreement for the recommended acquisition of Allfunds by Deutsche Börse Group.
Allfunds shareholders will receive €8.80 per share. This includes €6.00 in cash, 0.0122 Deutsche Börse shares per Allfunds share (valued at €2.60), and a permitted 2025 cash dividend of up to €0.20 per share.
Additional permitted dividends may be paid in future periods.
The deal values Allfunds at approximately €5.3 billion. This represents a 32.5% premium to the 26 November 2025 closing price and 40.3% above the three-month average.
Allfunds shareholders must approve the acquisition through a Court-sanctioned scheme of arrangement under the UK Companies Act 2006.
Approval requires a majority by number and at least 75% by value of votes.
The Allfunds Board unanimously supports the acquisition. Deutsche Börse has received irrevocable undertakings covering 48.9% of issued shares, including commitments from the two largest shareholders and Allfunds Directors.
Annabel Spring, CEO of Allfunds, said:
“With Deutsche Börse Group, our complementary footprints and capabilities create a world-class player with global reach and local relationships, which will better support distributors and fund partners.”
Stephan Leithner, CEO of Deutsche Börse Group, said:
“This acquisition represents the next step in the development of Deutsche Börse Group as a European champion in providing critical infrastructure to the financial markets.”
Deutsche Börse expects annual pre-tax cost synergies of €60 million and capital expenditure savings of €30 million, with about half realized by year-end 2028.
Deutsche Börse expects the acquisition to increase cash EPS in the first full year after completion, which it anticipates in the first half of 2027, subject to regulatory approval.
The company has fully committed funding for the cash consideration.
Featured image credit: Edited by Fintech News Switzerland, based on image by thanyakij-12 via Freepik
