Deutsche Börse Group has entered into an agreement to purchase wealth-tech firm Allfunds for €5.3bn ($6.2bn).  

The deal sets out that Allfunds shareholders will receive €8.80 per share, comprised of €6 in cash, 0.0122 newly issued Deutsche Börse Group shares per Allfunds share and a dividend of up to €0.20 per share for the 2025 financial year.  

Additional dividends may be granted for future periods. 

The agreed price represents a 32.5% premium over Allfunds’ closing share price of €6.64 on 26 November 2025, and a 40.3% premium compared to the three-month average price of €6.27 per share leading up to that date. 

The combination is intended to merge Allfunds’ fund distribution business with the custody and settlement operations of Deutsche Börse Group’s Clearstream Fund Services section.  

The companies have stated that their respective areas of expertise and client bases are complementary, and that the merged entity would operate across a broader range of markets. 

Allfunds CEO Annabel Spring said: “Over the past 25 years, Allfunds has democratised access to investment funds around the world and shaped the wealth management industry.  

“With Deutsche Börse Group, our complementary footprints and capabilities create a world-class player with global reach and local relationships, which will better support distributors and fund partners, and propel the wealth management industry forward.  

“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.”  

According to the terms outlined, the two firms expect to streamline regulatory, IT, and central functions under a combined operating model.  

The transaction is forecasted to result in cost efficiencies and increased services across fund distribution, custody, settlement, data, and regulatory reporting. 

The merged group is projected by Deutsche Börse Group to achieve “double digit revenue growth potential for the combined business in the mid- to long-term”.  

It is also anticipated that there will be high “single-digit accretion” annually to Deutsche Börse’s cash earnings per share within the first full year after closing. 

Completion of the transaction remains subject to regulatory approvals and is expected in the first half of 2027. 

Deutsche Börse Group CEO Stephan Leithner said: “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.”