Deutsche Börse Group and Allfunds Group have signed a binding agreement for the recommended acquisition of Allfunds, valued at €5.3 billion, according to a statement published by both companies. “The transaction, subject to obtaining the necessary approvals, is backed by a strong industrial logic and has the potential to create short-term value for all stakeholders of both companies,” the statement said.
“It represents an opportunity to create a top-tier global leader in fund services, combining Allfunds’ strength in distribution with Deutsche Börse Group’s custody and settlement capabilities. Allfunds and Deutsche Börse Group are highly complementary businesses in terms of geographic presence, product portfolios, and partner and client base,” it added.
Under the terms of the deal, Allfunds shareholders will receive €8.80 per share, made up of €6.00 in cash, €2.60 in Deutsche Börse Group shares, and a cash dividend of up to €0.20 per share for the 2025 financial year.
The offer represents a 32.5% premium over the closing share price on November 26, 2025, and a 40.5% premium over the volume-weighted average price for the three-month period ending on that same date.
Allfunds’ Board of Directors unanimously supports the transaction and intends to recommend that shareholders vote in favor of it. The acquisition is expected to close in the first half of 2027.
“In its 25-year history, Allfunds has democratized access to investment funds globally, profoundly transforming the wealth management industry. Today, we are a leading distribution and intermediation platform connecting distributors and asset managers across 66 countries. Our ability to innovate—from alternative funds to blockchain—combined with deep technical expertise and exceptional client service, has made Allfunds what it is today,” said Annabel Spring, CEO of Allfunds.
For his part, Stephan Leithner, CEO of DBAG, stated: “We are pleased to announce the acquisition of Allfunds, which comes with the unanimous recommendation of its board and the support of its two largest shareholders. We believe that combining the technical expertise and entrepreneurial drive of Allfunds Group with Deutsche Börse Group’s capabilities in Clearstream Fund Services will create a market-leading company that better meets client needs and supports the continued development of the fund industry in Europe and worldwide. This acquisition represents the next step in Deutsche Börse Group’s development as a European leader in providing critical infrastructure for financial markets.”
The joint statement from the two firms offers some insight into how the operations will be integrated: “The integration of DBAG and Allfunds will focus on consolidating the strengths of each business, including distribution and custody solutions, unifying both companies’ offerings to deliver streamlined and efficient services to clients. DBAG’s initial in-depth review of Allfunds has identified priority areas for integration, subject to appropriate consultation and planning, with the aim of eliminating duplication and fostering greater collaboration across the combined group. In assessing systems and operational setups, DBAG aims to retain the most effective solutions from both organizations.”
DBAG is a German public limited company (Aktiengesellschaft) incorporated under German law and is the parent company of the DBAG Group. It is one of the world’s largest providers of infrastructure for the trading of financial instruments. The DBAG Group offers clients a wide range of products and services covering the entire value chain of financial market transactions: from ESG business, indices, and software solutions, to post-trade services, transaction clearing and settlement, securities custody, liquidity and collateral management services, and market data provision.
With over 16,000 employees, the DBAG Group is headquartered in the Frankfurt/Rhein-Main financial center and maintains a strong global presence in locations such as Luxembourg, Prague, Cork, London, Copenhagen, New York, Chicago, Hong Kong, Singapore, Beijing, Tokyo, and Sydney.
Allfunds is a global trading and distribution platform in the wealth management sector. It has a long track record of growth, with net assets reaching a record high of €1.7 trillion as of September 30, 2025.
Allfunds connects more than 1,400 fund partners and over 900 distributors across 66 countries. The company operates 17 offices in major financial centers across four continents, including Bogotá, Dubai, Hong Kong, London, Luxembourg, Madrid, Miami, Milan, Paris, Santiago, São Paulo, Shanghai, Singapore, Stockholm, Valencia, Warsaw, and Zurich.
With over 1,000 employees, Allfunds is a public limited company incorporated under the laws of England and Wales.
By Alicia Miguel