Bankinter | The main conditions of the transaction are: A valuation of 5,351 million euros, which implies a price of €8.80 per share (a premium of +32% vs. the closing price on Nov 27). The transaction will be settled 50% in cash and 50% in shares. The company has not announced the number of new shares it will issue. However, taking into account the average valuation over the last 10 days, the price per share at which it will carry out the capital increase will be €211.9 (a discount of -4.3%).
Opinion of the Bankinter Analysis Team: Good news for Allfunds, as the premium is attractive. For Deutsche Boerse, the deal makes strategic sense, although it involves paying a slightly higher multiple than its current trading multiple. As a reference, the multiple paid for Allfunds (P/E25e) is 23.4x vs. Deutsche Boerse’s 19.9x.
