Exchange operator Euronext has made an indicative offer to buy B2B wealthtech platform Allfunds for about €5.5 billion in cash and stock.
Allfunds says the unsolicited bid is for its entire issued and outstanding share capital at a price of €8.75 share, made up of €5.69 in cash and 0.04059 new Euronext shares. The price represents a 19% premium on Tuesday’s close.
Euronext has been in discussions with Hellman & Friedman and BNP Paribas, which together own 46.4% of Allfunds’ share capital, to obtain their support for the offer. Allfunds “has not been party to such discussions”.
The Allfunds board is evaluating the indicative offer and there is no certainty that any transaction will be forthcoming.
Allfunds, which listed on Euronext in 2021, has built an ecosystem that covers the entire fund distribution value chain and investment cycle, including via Allfunds Connect, a full suite of SaaS-enabled digital, data and analytics tools.
The firm works with almost 3000 fund groups and has more than €1.3 trillion of assets under administration.