Deutsche Börse agrees to acquire Allfunds for €5.3 billion
22 JAN, 2026
Deutsche Börse, the operator of the Frankfurt Stock Exchange, has reached an agreement to acquire Allfunds for about 5.3 billion euros in a combined cash and stock transaction, in a move that strengthens its strategy to grow beyond the purely stock exchange business and consolidate itself as a major European provider of financial infrastructure and recurring services.
The agreed offer contemplates for Allfunds shareholders a package that includes 6 euros in cash, 0.0122 shares of Deutsche Börse and an extraordinary dividend of 0.20 euros per share, according to the information published about the agreed terms. The board of directors of Allfunds unanimously supports the operation and the agreement also has the support of reference shareholders who account for approximately 48.9% of the capital (including GIC, Hellman & Friedman and BNP Paribas), which clears part of the way at the meeting, although minority and regulatory approvals are still pending.
A commitment to lead the European fund ecosystem
The industrial fit is direct: Allfunds contributes the great distribution and technology highway that connects managers and distributors; while Deutsche Börse adds its muscle in market infrastructure, custody, settlement and services. The thesis is clear: capture more value in the European savings chain —where funds are the star product— and reduce dependence on cyclical revenues linked to market volatility.
The German group estimates annual synergies of 90 million euros, with approximately half materializing towards 2028, in line with an integration plan that, due to schedule and regulatory complexity, is extended: the closing is projected for the first half of 2027.
