𝗗𝗲𝘂𝘁𝘀𝗰𝗵𝗲 𝗕𝗼̈𝗿𝘀𝗲 𝗺𝗼𝘃𝗲𝘀 𝘁𝗼 𝗮𝗰𝗾𝘂𝗶𝗿𝗲 𝗔𝗹𝗹𝗳𝘂𝗻𝗱𝘀 𝗶𝗻 𝗮 $𝟲𝗕+ 𝗽𝗿𝗼𝗽𝗼𝘀𝗮𝗹 𝘁𝗵𝗮𝘁 𝗰𝗼𝘂𝗹𝗱 𝗿𝗲𝗱𝗲𝗳𝗶𝗻𝗲 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗳𝘂𝗻𝗱 𝗱𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻

Deutsche Börse, a global exchange company and operator of the largest stock exchange in continental Europe, has entered exclusive talks to acquire Allfunds, the largest European funds distributor, in a nonbinding proposal valued at about six billion dollars, roughly half cash/half stock. This represents almost a 32% premium to the closing price of Allfunds on Thursday and signals renewed intent after earlier considerations dating back to 2020. Allfunds’ board agreed to open formal discussions, although both sides emphasized that negotiations remain preliminary and the outcome is uncertain.

Allfunds has drawn recurring interest from potential buyers, including private equity firms and European exchanges, but prior discussions never produced a transaction. The company continues to expand its fund-distribution infrastructure, overseeing €1.7 trillion in assets under administration as of September. Its platform gives institutions and distributors a unified system to screen, trade, and monitor fund activity, supported by analytics, execution tools, and compliance capabilities. Ownership remains anchored by Hellman & Friedman and BNP Paribas, which together control nearly half the firm.

Market reaction to the proposal was immediate, with Allfunds’ shares rising sharply as investors weighed the implications for Europe’s investment-product value chain. Deutsche Börse, with a market capitalization near €42 billion, sees the potential combination as a way to broaden its infrastructure portfolio and deepen its role in fund distribution. If completed, the deal would represent one of the region’s most significant financial-technology transactions, reshaping how investment products reach advisors and institutions across the continent.

Knote: Those who look skeptically on our thoughts around the evolving advisory model in Europe, and the implications and opportunities for European WealthTech, take note. We continue to feel that, in 10 years, European wealth management will look largely like the US today, particularly in the UK. We continue to feel that TAMPS (MPS and DFM as it is known over there) represents one of the most compelling wealth and WealthTech growth opportunities globally. Feel free to reach out if you would like to try and change my mind.

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