Deutsche Börse reached agreement on 21 January 2026 to acquire Allfunds Group, the Amsterdam-listed fund distribution platform, in a cash-and-share deal worth €8.80 per share, or about €5.3bn.
Why Deutsche Börse AG is buying Allfunds Group plc
Deutsche Börse plans to combine Allfunds with Clearstream Fund Services, targeting about €60m of annual run-rate pre-tax cost synergies, roughly 15% of the combined cost base, and expects high single-digit accretion to cash earnings per share in the first full year after completion.
Deal terms and financing
Allfunds shareholders receive €6.00 in cash and 0.0122 Deutsche Börse shares per share, plus a permitted FY2025 dividend of up to €0.20. Deutsche Börse will issue about 7.3m new shares and has fully committed funding for the cash portion; it expects to keep its AA- rating. The deal is being implemented by a UK scheme of arrangement.
Regulatory approvals and timing
Allfunds shareholders approved the scheme on 12 March 2026 with more than 99.9% of votes in favour. Deutsche Börse obtained EU foreign-subsidy clearance in July after filing in June, but the deal still requires EU merger approval and other regulatory consents; completion is expected in the first half of 2027.
Market context
Deutsche Börse confirmed exclusive talks with Allfunds in late November 2025. LHC3 Limited and BNP Paribas, which together held about 48.9%, committed to back the deal.
