Tel Aviv Stock Exchange Explores Acquisition of Cyprus Stock Exchange
Translated & summarized from Calcalist by baba
The Tel Aviv Stock Exchange is in advanced talks to acquire the Cyprus Stock Exchange as part of a government privatization tender. The CSE is valued at 20-40 million euros, significantly smaller than TASE, which has revenues of about 160 million euros annually. This move aligns with TASE's strategic plan to expand its operations globally and gain access to the Eurozone. The tender will consider both price and quality, with the goal of increasing the Cypriot exchange's trading volumes and profitability.
The story in 6 lines · by baba
- The Tel Aviv Stock Exchange is considering acquiring the Cyprus Stock Exchange in an upcoming privatization tender.
- The Cyprus Stock Exchange is valued at 20-40 million euros, with annual revenues of 4-7 million euros.
- TASE's revenues were approximately 160 million euros in 2025, and it is valued at 3.5 billion euros.
- Acquiring the CSE would provide TASE with access to the Eurozone and align with its global expansion strategy.
- The tender evaluation will be based 70% on price and 30% on quality considerations.
- The privatization aims to increase the Cypriot exchange's trading volumes and profitability.
The Tel Aviv Stock Exchange (TASE) is in advanced discussions to acquire the Cyprus Stock Exchange (CSE), located in Nicosia. TASE, led by CEO Itai Ben-Zeev, is considering bidding in an upcoming government tender to privatize the Cypriot exchange. Several other European exchanges are also expected to participate in the tender. The CSE is valued at tens of millions of euros and is relatively small.
While no final decision has been made by TASE's management or board, the potential acquisition aligns with a broader strategy to operate multiple exchanges globally, similar to Euronext and ICE. A key advantage of acquiring the CSE would be access to the Eurozone, of which Cyprus is a member. The privatization process began a year ago when the Cypriot government decided to privatize the exchange.
The CSE's largest listed company is Bank of Cyprus, valued at 4.6 billion euros, followed by Hellenic Bank at 2.3 billion euros. Other significant companies include real estate firm YODA (3.2 billion euros) and Vassiliko Cement (500 million euros). The exchange's annual revenues are between 4-7 million euros, presenting significant growth potential for a private buyer.
In comparison, TASE's 2025 revenues were approximately 160 million euros, with a net profit of about 51 million euros. TASE is currently valued at 3.5 billion euros, while the CSE is estimated to be worth 20-40 million euros for the acquisition, with similar Balkan or Eastern European exchanges selling for 50-60 million euros. This valuation includes a premium for control of trading infrastructure, clearing, and an EU operating license.
The Cypriot exchange has operated a joint trading and clearing platform with the Athens Stock Exchange since 2006, which might also express interest in the acquisition. The tender evaluation will weigh price at 70% and quality at 30%. Cyprus aims to sell the exchange to an international operator or strategic investor to boost its low trading volumes and profitability. TASE's strategic plan, announced in mid-September, includes forming a public holding company to facilitate acquisitions and expansion into new business areas, making the potential CSE acquisition a logical step.
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