Deutsche Börse AG (DBAG) and Allfunds Group plc announced they have agreed terms for a recommended cash-and-share acquisition of Allfunds, with Allfunds shareholders set to receive total consideration of €8.80 per share.
Allfunds is a B2B wealth-tech platform that sits between investment product manufacturers (asset managers) and distributors (banks, private banks, broker-dealers, fund platforms, and other wealth managers). And Deutsche Börse is an “infrastructure company for financial markets.” It runs the places and systems where investments get traded, cleared, settled, and tracked—plus it sells market data.
Under the proposed terms, shareholders would receive €6.00 in cash plus 0.0122 new DBAG shares per Allfunds share, alongside a permitted cash dividend of up to €0.20 per share for Allfunds’ 2025 financial year, expected to be paid in May 2026.
The companies said the offer values Allfunds at about €5.3 billion and represents a 32.5% premium to Allfunds’ €6.64 closing price on 26 November 2025, as well as a 40.3% premium to its three-month VWAP of €6.27 through the same date. If the transaction completes, Allfunds shareholders would receive about 7.3 million new DBAG shares, equivalent to roughly 3.85% of DBAG’s current issued share capital (excluding treasury shares).
The acquisition is expected to be implemented via a UK court-sanctioned scheme of arrangement, requiring approval by a majority in number representing at least 75% in value of scheme shareholders voting at the court meeting. Allfunds’ board unanimously supports the deal and intends to recommend shareholders vote in favor.
DBAG said it has received irrevocable undertakings covering 292,376,083 Allfunds securities—about 48.9% of Allfunds’ issued share capital (excluding treasury shares) as of 20 January 2026—including commitments from Allfunds’ two largest shareholders, LHC3 and BNP Paribas.
Strategically, the firms positioned the deal as a combination of Allfunds’ distribution platform with DBAG’s Clearstream fund services capabilities. DBAG said it expects annual run-rate pre-tax cost synergies of about €60 million and annual run-rate cash savings on capex of about €30 million, with roughly half of total annual run-rate synergies delivered by the end of 2028.
On timing, Allfunds said it expects to publish the scheme document in about four weeks, with shareholder meetings currently expected in March 2026. Subject to regulatory approvals and other conditions, the parties anticipate completion in the first half of 2027.
KEY QUOTES:
“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… 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’.”
Stephan Leithner, CEO, Deutsche Börse AG
“Over the past 25 years, Allfunds has democratised access to investment funds around the world… With Deutsche Börse Group, our complementary footprints and capabilities create a world-class player with global reach and local relationships… 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.”
Annabel Spring, CEO, Allfunds
