Deutsche Börse confirms exclusive talks about a possible takeover bid for Allfunds
28 NOV, 2025
By Joanna Piwko from RankiaPro Europe
Deutsche Börse Group has taken note of recent market speculation and has confirmed that it is in exclusive talks with Allfunds Group PLC about a possible acquisition of the entire issued and to be issued share capital of Allfunds (the "non-binding proposal"). The board of directors of Allfunds has unanimously agreed that the company enters a period of exclusivity based on the non-binding proposal made by Deutsche Börse Group.
The non-binding proposal currently under discussion contemplates a total consideration of 8.80 euros per Allfunds share, composed of 4.30 euros in cash and 4.30 euros in new Deutsche Börse Group shares, calculated on the basis of the unaltered 10-day VWAP of Deutsche Börse Group, in addition to an allowed dividend of 0.20 euros per Allfunds share charged to the 2025 financial year.
Also, according to the terms of this proposal, it is expected that Allfunds shareholders will be entitled to receive cash dividends, prorated up to the closing date, of up to 0.20 euros per share for the 2026 financial year and 0.10 euros per share per quarter during the 2027 financial year.
The announcement of any binding offer relating to a possible acquisition is subject to the fulfillment or waiver of a number of usual prior conditions, including the successful completion of the due diligence process on Allfunds, the preparation and closing of the definitive transaction documentation and the final approval of the boards of Deutsche Börse and Allfunds.
New step in sector consolidation
Deutsche Börse Group believes there is a strong strategic, commercial and financial justification for integrating Allfunds into its fund services segment.
This possible business combination would represent a new step in the consolidation of the sector, creating a truly pan-European ecosystem. The goal would be to reduce the fragmentation of the European investment fund industry and establish a harmonized model with global reach, which helps channel retail savings towards productive capital allocations, such as investment funds.
It is expected that the combination will generate significant operational efficiencies and cost synergies between platforms and services, allow for optimizing investment capacity and accelerate innovation for customers with a faster time-to-market. Together, it is anticipated that both customers and EU equity markets will significantly benefit from the strengthening of this combined platform.
Deutsche Börse Group also emphasizes its conviction that a strong and dynamic fund industry is key for the EU to maintain a relevant role as a global financial center. The proposed operation is part of the group's strategy and reinforces its commitment to strengthening European capital markets and their international competitiveness, in line with the objectives of the Savings and Investments Union (SIU).
The combination between Deutsche Börse Group and Allfunds is expected to be carried out through a scheme of arrangement in accordance with Part 26 of the UK Companies Act 2006.
