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Deutsche Boerse Nears €5.3 Billion Deal for Allfunds

By  |  January 20, 2026

Deutsche Boerse AG is close to reaching an agreement to buy European fund distribution platform Allfunds Group Plc in a transaction valued at roughly €5.3 billion, or about $6.2 billion, according to Bloomberg, citing people familiar with the matter.

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    The German exchange operator is in the final stages of negotiations with Allfunds, and a formal announcement could be made as soon as this week, per Bloomberg. The people said the talks are private and asked not to be identified. Deutsche Boerse disclosed in November that it had submitted a non-binding proposal valuing Allfunds at approximately €8.80 a share and had entered exclusive discussions with the company’s board.

    Investors responded positively to the latest developments. Shares of Allfunds jumped as much as 5.5% on Tuesday, marking the strongest intraday gain since late November, when Deutsche Boerse first revealed its approach. The stock remained higher by about 1.3% by early afternoon trading in Amsterdam, giving Allfunds a market capitalization of around €4.8 billion, according to Bloomberg.

    Despite the advanced stage of the talks, the transaction is not guaranteed. Discussions could still be postponed or collapse altogether, the people said. Analysts at Jefferies Financial Group have previously noted that the European Commission could launch an in-depth antitrust investigation, as the deal would combine the two largest business-to-business fund platform providers in Europe, according to Bloomberg.

    Allfunds has drawn acquisition interest before. More than two years ago, the company explored potential offers from private equity firms but later walked away after determining that the proposals did not adequately reflect its growth outlook, Bloomberg reported. Deutsche Boerse itself had weighed a possible bid for Allfunds as early as 2020, per Bloomberg, before the Spanish-founded firm proceeded with an initial public offering in 2021. In 2023, Euronext NV also made an indicative offer worth about €5.5 billion but ultimately abandoned its pursuit.

    Founded as a technology-driven platform for the investment fund industry, Allfunds supplies fund managers and distributors with trading, execution, data analytics, and regulatory compliance tools. The company reported assets under administration of €1.7 trillion at the end of September. Its software enables clients to research and trade a wide range of investment funds through a single interface, while also offering reporting and monitoring capabilities for asset managers.

    Allfunds’ shareholder base includes private equity firm Hellman & Friedman and French bank BNP Paribas SA, which together control roughly 49% of the company, according to information on its website.

    Representatives for Allfunds and Hellman & Friedman declined to comment. A spokesperson for Deutsche Boerse referred to its November disclosure confirming exclusive talks with Allfunds and said the company would not provide additional details, according to Bloomberg.

    Source: Bloomberg