Euronext Withdraws the €5.5B Offer to Acquire Allfunds

Euronext, the premier pan-European market infrastructure, has informed Allfunds' Board that it has withdrawn its indicative offer to purchase 100% of Allfunds' share capital.

The €5.5 billion ($5.8 billion) offer for investment platform Allfunds was withdrawn after both parties were unable to agree on the parameters of an acquisition.

According to a statement issued on Wednesday, the Allfunds board of directors deemed the Euronext proposal unsatisfactory. Further conversations on terms with Euronext failed to achieve an agreement, and the talks were discontinued, according to Allfunds.

Euronext has grown across Europe through acquisitions under the leadership of Chief Executive Officer Stephane Boujnah. In recent years, exchanges have sought to diversify beyond traditional equity trading and create more revenue from industries that are less tied to market volatility, branching out into areas such as data and new financial technologies.

Allfunds, which provides customers with access to a variety of investment products in one place, was bought by Hellman & Friedman in 2017 and has since grown through a number of acquisitions, including the purchase of Credit Suisse Group AG's InvestLab platform.