European investment company Euronext has withdrawn its €5.5bn (£4.84bn, $5.82bn) offer to acquire a 100% share capital of wealth technology platform Allfunds.
This comes days after the firm said it was in talks with Allfunds over a deal.
But on 28 February 2023, Euronext confirmed in a statement that it had informed the board of Allfunds that it had withdrawn its indicative offer.
Allfunds also said in a statement on 28 February: The Allfunds board considered that the terms of the proposal were inadequate.
“Allfunds subsequently entered into discussions on terms with Euronext but no agreement was reached and discussions have been terminated.”
Acquisition spree
Allfunds has been busy with acquisitions in the global wealth and investment market.
In August 2022, it bought a majority stake in the share capital of MainStreet Partners, a platform that offers a range of ESG products including ESG investment portfolios as well as scoring and reporting.
Then in April 2022, the firm acquired Madrid-based fintech firm Web Financial Group for a total consideration of €145m.
