Euronext Athens said on Wednesday that its board had approved the start of a corporate demerger process that will separate its market-operator activities into a newly established wholly owned subsidiary, part of a broader reorganization of the Greek exchange operator following its acquisition by Euronext.
The business to be carved out includes the operation and management of Greece's regulated securities and derivatives markets, as well as the country's multilateral trading facility. The unit will be transferred to Euronext Athens Single-Member S.A., a company set up as a 100%-owned subsidiary of Euronext Athens. Under the transaction, Euronext Athens will contribute the market-operator business to the subsidiary in exchange for newly issued shares, retaining full ownership of the entity.
The parent company said it would continue to hold activities and assets unrelated to the market-operator business but linked to its status as a listed company. These include investor-relations and shareholder-information services, share registry operations and legally required internal audit functions. It will also retain its existing holdings in other companies. The completion of the demerger remains subject to corporate and regulatory approvals, including filings with Greece's General Commercial Registry and any authorizations required from supervisory authorities. Euronext Athens said it would update investors on any material developments related to the transaction in accordance with applicable regulations.
