Deutsche Boerse's Allfunds Deal Ticks Boxes -- Market Talk

Dow Jones2025-11-28

0805 GMT - A takeover by Deutsche Boerse of Allfunds would be strategic but still raises some questions, RBC Capital Markets says after the German stock-exchange group said it was in talks to buy the Amsterdam-listed funds services provider. The transaction would double Deutsche Boerse's funds-services division--which represent 10% of its top line--and boost its earnings growth profile, while increasing its exposure to recurring buy-side revenues, analyst Ben Bathurst writes. "We can foresee some pushback around capital discipline, given the 33% bid premium, and deal synergies are likely to be an important factor here," he notes. The timing is surprising given that the valuation differential between the companies has shrunk in recent months, but there is industrial and financial logic to the deal, he says. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

November 28, 2025 03:06 ET (08:06 GMT)

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