European investment company Euronext has confirmed it is in talks to buy wealth technology platform Allfunds.
Euronext said it has “submitted an indicative offer” to the board of Allfunds and is in “active discussions” with Allfunds largest shareholders.
The offer is in the region of €5.5bn (£4.84bn, $5.82bn).
The Allfunds Group said its board is “currently evaluating the offer proposal”, which would be subject to a number of conditions.
“There can be no certainty that any transaction will be forthcoming nor as to the terms on which any such transaction may occur,” it added. “Further announcements will be made if and when appropriate.”
This comes months after Allfunds has made a couple of acquisitions in the 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 (£121m, $160m).