Tel Aviv Stock Exchange Explores €20-40M Bid for Cyprus Bourse Privatisation

The Tel Aviv Stock Exchange (TASE) is exploring a potential €20 million to €40 million takeover of the Cyprus Stock Exchange (CSE), according to Calcalist. The deal would give the Israeli market operator its first regulated European foothold, though TASE’s management and board have not made a final decision to submit a bid.

Under Cyprus’s privatisation law passed in February, the sale includes the national central securities depository (CSD) and securities registry. A buyer would therefore acquire settlement and record-keeping operations alongside the exchange.

TASE placed acquisitions and international partnerships at the centre of its 2027–2031 strategy, unveiled in September. The exchange is targeting average annual revenue growth of 15% to 18% and plans to create a holding-company structure to facilitate adding new businesses.

CSE is a small and currently unprofitable exchange, with estimated annual revenue of €4 million to €7 million, according to Calcalist. Most of that revenue comes from clearing services and trading in foreign corporate bonds rather than the domestic equity market. For TASE, the potential value lies in gaining an established EU market operator together with its clearing, settlement and registry infrastructure.

Price will determine 70% of the tender score, while the remaining 30% will depend on the bidder’s plan for developing the Cypriot capital market. Euronext Athens might be a potential rival bidder, as the Athens and Cyprus exchanges have shared trading and clearing infrastructure since 2006. However, Euronext has not announced a bid, and TASE has yet to make a final decision.

The tender has not yet opened and still requires approval from the Cypriot Attorney-General’s office. The government aims to select a buyer and sign an agreement before the end of 2026.