Allfunds Group and Deutsche Börse Group sign agreement
22 January 2026 Germany
Image: Ditya/stock.adobe.com
Deutsche Börse Group and Allfunds have jointly entered into a binding agreement on the terms of a recommended cash and share acquisition by Deutsche Börse Group of the entire issued and to be issued share capital of Allfunds.
Under the terms of the acquisition, each AllFunds shareholder will be entitled to receive €8.80 per Allfunds Share, split into €6.00 in cash, €2.60 in Deutsche Börse Group shares, plus a €0.20 permitted dividend.
The consideration payable under the acquisition, values Allfunds at approximately €5.3 billion, and represents a premium of 32.5 percent to the closing price of per Allfunds share as the close of business on 26 November 2025, and a premium of 40.3 per cent to the volume-weighted average price for the three-month period ended 26 November 2025 of €6.27 per Allfunds share.
The acquisition is to be effected by means of Court-sanctioned scheme of arrangement between Allfunds and Allfunds shareholders under Part 26 of the UK Companies Act 2006, requiring the approval by a majority in number representing not less than 75 per cent in value of Allfunds’ Scheme Shareholders present and voting, either in person or by proxy, at the Court meeting.
Allfunds directors unanimously intend to recommend the UK Court-sanctioned scheme of arrangement; major shareholders have provided irrevocable undertakings.
The firms say Allfunds and Deutsche Börse Group’s Fund Services segment complementarity across product suites, client bases, partners, and core markets, supporting an expanded and integrated fund services offering.
Following the Acquisition, the combined group will benefit from a broader geographic footprint, enhanced reach and a complementary suite of products and expertise, strengthening its ability to serve clients.
The acquisition is expected to be completed in the first half of 2027, subject to regulatory approvals.
Stephan Leithner, CEO of Deutsche Börse Group, says: “We are very pleased to announce the acquisition of Allfunds, which is to be unanimously recommended by its Directors and is supported by its two largest shareholders.
“We believe that the combination of Allfunds Group's technical expertise and entrepreneurial drive with Deutsche Börse Group's capabilities within Clearstream Fund Services will create a leading business in the sector, which better serves the needs of clients, supporting the continuing development of the funds sector in Europe and around the world.
Annabel Spring, CEO of Allfunds, remarks: “The board of Allfunds is confident that the offer represents a compelling opportunity for Allfunds shareholders to realise value, delivering an attractive premium, in cash and shares, allowing future participation in the benefits of the combination.”
Under the terms of the acquisition, each AllFunds shareholder will be entitled to receive €8.80 per Allfunds Share, split into €6.00 in cash, €2.60 in Deutsche Börse Group shares, plus a €0.20 permitted dividend.
The consideration payable under the acquisition, values Allfunds at approximately €5.3 billion, and represents a premium of 32.5 percent to the closing price of per Allfunds share as the close of business on 26 November 2025, and a premium of 40.3 per cent to the volume-weighted average price for the three-month period ended 26 November 2025 of €6.27 per Allfunds share.
The acquisition is to be effected by means of Court-sanctioned scheme of arrangement between Allfunds and Allfunds shareholders under Part 26 of the UK Companies Act 2006, requiring the approval by a majority in number representing not less than 75 per cent in value of Allfunds’ Scheme Shareholders present and voting, either in person or by proxy, at the Court meeting.
Allfunds directors unanimously intend to recommend the UK Court-sanctioned scheme of arrangement; major shareholders have provided irrevocable undertakings.
The firms say Allfunds and Deutsche Börse Group’s Fund Services segment complementarity across product suites, client bases, partners, and core markets, supporting an expanded and integrated fund services offering.
Following the Acquisition, the combined group will benefit from a broader geographic footprint, enhanced reach and a complementary suite of products and expertise, strengthening its ability to serve clients.
The acquisition is expected to be completed in the first half of 2027, subject to regulatory approvals.
Stephan Leithner, CEO of Deutsche Börse Group, says: “We are very pleased to announce the acquisition of Allfunds, which is to be unanimously recommended by its Directors and is supported by its two largest shareholders.
“We believe that the combination of Allfunds Group's technical expertise and entrepreneurial drive with Deutsche Börse Group's capabilities within Clearstream Fund Services will create a leading business in the sector, which better serves the needs of clients, supporting the continuing development of the funds sector in Europe and around the world.
Annabel Spring, CEO of Allfunds, remarks: “The board of Allfunds is confident that the offer represents a compelling opportunity for Allfunds shareholders to realise value, delivering an attractive premium, in cash and shares, allowing future participation in the benefits of the combination.”
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