Deutsche Börse AG to Acquire Allfunds Group plc

Deutsche Börse AG has reached an agreement to acquire Allfunds Group plc. The acquisition involves purchasing the entire issued and to be issued share capital of Allfunds at €8.80 per share. This includes €6.00 in cash and 0.0122 Deutsche Börse shares per Allfunds share, worth €2.60. The transaction values Allfunds at approximately €5.3 billion, offering a premium of 32.5% over the closing price as of November 26, 2025.

The acquisition will proceed through a Court-sanctioned scheme requiring shareholder approval. Deutsche Börse has secured commitments from major shareholders representing approximately 48.9% of Allfunds' share capital. The merger aims to achieve cost synergies of €60 million annually and is expected to be accretive to Deutsche Börse’s earnings in the first year following completion, anticipated in the first half of 2027.