Deutsche Börse Group has agreed to acquire the remaining 20% minority stake in ISS STOXX from General Atlantic, giving the exchange operator full ownership of the data, analytics, and index provider. The deal ends a multi-year partnership that began with Deutsche Börse Group’s 2019 acquisition of Axioma, then expanded through the 2023 combination of ISS’ stewardship and ESG solutions with the STOXX index business.
Deutsche Börse Group said the buyout reinforces its strategic vision for ISS STOXX as a mission-critical provider of data, analytics, and indices, particularly for buy-side clients. Full ownership is expected to increase operational agility, simplify execution of the company’s growth strategy, and improve go-to-market connectivity across the broader Deutsche Börse Group. The company added that ISS’ research and advisory offerings will continue to operate under previously established noninterference policies.
The transaction follows a previously disclosed “dual track” process that allowed General Atlantic to pursue an exit through 2026, including the possibility of an IPO. Under the partnership agreements, the buyout enables General Atlantic to sell its shares to Deutsche Börse Group in the absence of monetization through a public listing. Deutsche Börse Group said the valuation aligns with a pre-agreed peer-based multiple methodology.
The buyout price is set at approximately 20x ISS STOXX’s adjusted EBITDA, resulting in total purchase price consideration of €1.1 billion, payable in two tranches. The first tranche of €731 million is due in February 2026, with the remaining tranche payable in March 2026. Deutsche Börse Group plans to finance the transaction with available cash and existing debt financing. The company expects the deal to be low single-digit accretive to Cash EPS in the first year of full ownership, with General Atlantic’s exit becoming effective at the end of March 2026. Deutsche Börse Group also said it expects to maintain its AA- long-term rating at the group level following completion.
KEY QUOTES
“We are grateful for the partnership with General Atlantic. Their support and expertise have been invaluable for the successful merger that created ISS STOXX and the subsequent development of the business. This step now re-confirms our strategic ambition to empower the investment management industry with leading data, analytics, and index solutions. We look forward to building on the strong foundation we laid with General Atlantic as we further build-out the business as part of the Group’s Investment Management Solutions.”
Christian Kromann, Member of the Executive Board, Deutsche Börse Group
“General Atlantic has been a constructive partner in building ISS STOXX, and we appreciate their support and insights over the past few years. As we now look forward with Deutsche Börse Group as sole shareholder, our commitment remains unchanged. We will continue to provide clients with objective, high-quality data, insights and solutions across governance, sustainability, market intelligence and indexing.”
Gary Retelny, President and CEO, ISS STOXX
“We are proud to have supported the development of ISS STOXX over time. The company has established itself as a fully integrated provider of buy-side intelligence, with a broadened and increasingly sophisticated index and analytics platform. We thank Deutsche Börse Group for its partnership and look forward to following ISS STOXX’s continued growth and success in the years ahead.”
Gabriel Caillaux, Co-President, Global Head of Climate, and Head of EMEA, General Atlantic
