Deutsche Börse Group to acquire General Atlantic’s minority stake in ISS STOXX
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Deutsche Börse Group to acquire General Atlantic’s minority stake in ISS STOXX 12 February 2026Germany Reporter: Tahlia Kraefft
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Deutsche Börse Group has reached an agreement to acquire the remaining 20 per cent minority stake in ISS STOXX — held by General Atlantic —making it the sole owner of the firm.
By acquiring the remaining shares, Deutsche Börse Group says it ensures the operational agility to simplify the implementation of its growth strategy for ISS STOXX and strengthens the go-to-market connectivity within the group.
This transaction marks the culmination of a partnership that began with the acquisition of Axioma in 2019.
Deutsche Börse Group and General Atlantic have been pursuing a dual track, with the firm’s exit expected at the end of March 2026.
In line with the partnership agreements, the transaction allows General Atlantic to sell its shares to Deutsche Börse Group in the absence of a monetisation possibility through an initial public offering.
The valuation for this exit is in line with a pre-agreed peer-based multiple approach.
The buyout price is set at 20 times the adjusted earnings before interest, taxes, depreciation, and amortisation of ISS STOXX, resulting in a total purchase price consideration of €1.1 billion payable in two tranches.
The transaction is expected to have a low single-digit accretive effect on the Cash EPS for Deutsche Börse Group in the first year of full ownership.
Christian Kromann, member of the Executive Board of Deutsche Börse Group, comments: "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."
Gary Retelny, president and CEO of ISS?STOXX, remarks: “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.”
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