Deutsche Börse agreed on 11 February to buy General Atlantic's 20% minority stake in ISS STOXX for €1.1bn, giving the Frankfurt exchange group full ownership of the index, data and governance research provider.
Why Deutsche Börse AG is buying ISS STOXX (20% stake held by General Atlantic)
Deutsche Börse said full ownership would give it operational agility to implement ISS STOXX's growth strategy and strengthen go-to-market connections across the group's investment management solutions business. ISS's research and advisory units continue under existing non-interference policies.
Deal terms and financing
The price was set at about 20 times ISS STOXX's adjusted EBITDA under a pre-agreed peer-based multiple. Deutsche Börse said the deal would be low single-digit accretive to cash EPS in the first full year and that it expected to keep its AA- rating.
Regulatory approvals and timing
The transaction exercised existing partnership agreements and General Atlantic's exit was expected to become effective at the end of March 2026, according to the company and dpa-AFX. No separate completion announcement was found.
Market context
General Atlantic invested in 2019 through Axioma, which later became part of ISS STOXX after the 2023 combination of ISS and STOXX. An IPO of the business had been considered but did not happen. Weeks earlier Deutsche Börse had agreed to buy fund platform Allfunds for more than €5bn.
