Deutsche Börse Group to Acquire Allfunds for €5.3 Billion

Deutsche Börse Group and Allfunds have entered into a binding agreement for Deutsche Börse Group to acquire Allfunds in a recommended transaction valued at approximately €5.3 billion.
 

Under the terms of the acquisition, each Allfunds shareholder will be entitled to receive €8.80 per Allfunds share, comprising €6.00 per share in cash, 0.0122 new Deutsche Börse Group shares per Allfunds share representing €2.60 per share based on the volume-weighted average price of €213.40 per Deutsche Börse Group share for the ten-day period ended on 26 November 2025, and a permitted cash dividend of up to €0.20 per Allfunds share for the financial year 2025. Allfunds shareholders will also be entitled to receive certain further permitted dividends in respect of subsequent financial periods.
 

The consideration represents a premium of 32.5 per cent to the closing price of €6.64 per Allfunds share as at the close of business on 26 November 2025 and a premium of 40.3 per cent to the volume-weighted average price for the three-month period ended 26 November 2025 of €6.27 per Allfunds share.
 

The acquisition is to be effected by means of a Court-sanctioned scheme of arrangement between Allfunds and Allfunds shareholders under Part 26 of the UK Companies Act 2006, requiring the approval by a majority in number representing not less than 75 per cent in value of Allfunds' Scheme Shareholders present and voting, either in person or by proxy, at the Court meeting.
 

The Allfunds Directors unanimously support the acquisition and intend to recommend unanimously that Allfunds shareholders vote in favour of the acquisition.
 

Deutsche Börse Group has received irrevocable undertakings in support of the acquisition in respect of 292,376,083 Allfunds shares in aggregate, representing approximately 48.9 per cent of the issued share capital of Allfunds as at 20 January 2026. Deutsche Börse Group has received irrevocable undertakings to vote in favour of the Scheme at the Court meeting and the resolutions to be proposed at the Allfunds general meeting from LHC3 Limited and BNP Paribas, who hold 215,907,812 and 76,441,271 Allfunds shares, respectively, representing approximately 36.1 per cent and 12.8 per cent, respectively, of the issued share capital of Allfunds as at 20 January 2026. Deutsche Börse Group has also received irrevocable undertakings to vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the Allfunds general meeting from each of the Allfunds Directors, who hold 27,000 Allfunds shares in aggregate.
 

The acquisition is positioned to combine the companies' complementary global footprints with the distribution strength of Allfunds and the custody and settlement capabilities of Deutsche Börse Group's Clearstream Fund Services segment.
 

Annabel Spring, Chief Executive Officer, Allfunds

Annabel Spring, Chief Executive Officer, Allfunds commented:

“Over the past 25 years, Allfunds has democratised access to investment funds around the world and shaped the wealth management industry. We have grown to be a leading global distribution and dealing platform connecting distributors with fund partners across 66 countries. The combination of deep expertise and exceptional client service and innovation, from alternatives to blockchain, have made Allfunds what it is today. 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, and propel the wealth management industry forward. The board of Allfunds is confident that the offer represents a compelling opportunity for Allfunds shareholders to realise value, delivering an attractive premium, in cash and shares, allowing future participation in the benefits of the combination,”

 

Stephan Leithner, Chief Executive Officer, Deutsche Börse Group

Stephan Leithner, Chief Executive Officer, Deutsche Börse Group said:

"We are very pleased to announce the acquisition of Allfunds, which is to be unanimously recommended by its Directors and is supported by its two largest shareholders. We believe that the combination of Allfunds Group's technical expertise and entrepreneurial drive with Deutsche Börse Group's capabilities within Clearstream Fund Services will create a leading business in the sector, which better serves the needs of clients, supporting the continuing development of the funds sector in Europe and around the world. 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. It is a testament to our strategy of 'Leading the transformation',"
 

Deutsche Börse Group believes that the combined group will be able to achieve annual run rate pre-tax cost synergies of approximately €60 million, representing approximately 15 per cent of the combined cost base of Allfunds and Deutsche Börse Group's Clearstream Fund Service segment. In addition, Deutsche Börse Group expects to realise annual run-rate cash savings on capital expenditure of approximately €30 million.
 

These synergies will primarily be delivered through the implementation of the combined operating model across core services, a streamlined regulatory and IT set-up and simplifications of central functions. Deutsche Börse Group expects to deliver approximately 50 per cent of the total annual-run-rate synergies, including both cost and capital expenditure savings, by year-end 2028.
 

The acquisition is anticipated to deliver on an annual run-rate basis high single-digit accretion to Deutsche Börse Group's Cash EPS within the first full year following completion of the acquisition. Following completion, Deutsche Börse Group expects to maintain its AA- long-term rating at the Group level.
 

Deutsche Börse Group has fully committed funding in place to finance the cash portion of the consideration under the acquisition.
 

Deutsche Börse Group plans to start the share buy-back programme announced on 9 December 2025 in February 2026 shortly after the publication of the Preliminary Results Q4 and FY 2025. In the period up to end of July 2026, shares of the company at a total cost of up to €500 million will be repurchased.
 

Subject to the receipt of applicable regulatory approvals, the completion of the acquisition is anticipated to occur in the first half of 2027.
 

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