The Deutsche Börse has definitively shelved its stock market plans for index provider and proxy advisor ISS Stoxx, buying out the remaining shares from U.S. private equity firm General Atlantic. The exchange operator announced late Wednesday night that it would acquire the final 20 percent stake for a total of €1.1 billion. The purchase will be financed through a mix of cash and loans. "This step brings clarity," said CEO Stephan Leithner at Thursday's annual results press conference, according to his prepared remarks. A stock market listing for ISS Stoxx, which Deutsche Börse had pursued last year, was not feasible.

General Atlantic had the right to sell its shares until 2026. "In line with the partnership agreements, this transaction enables General Atlantic to sell its stake to Deutsche Börse Group, as a monetization via an IPO is not possible," the exchange said. The U.S. firm had joined one of the companies that later formed ISS Stoxx back in 2019.

Proxy advisors like ISS guide institutional investors on how to vote at annual general meetings. Stoxx offers indices for all regions and asset classes, such as the Euro Stoxx, the benchmark index for the largest companies in the eurozone. Shares in Deutsche Börse rose 2.5 percent on Thursday morning after the release of 2025 financial results, making them one of the top performers in the DAX index.

As early as October, it had become apparent that the IPO plans for 2025 would not materialize. At the time, insiders pointed out that competitors such as the London Stock Exchange Group (LSEG) or MSCI had recently seen less demand on the markets. Additionally, Germany's weak economic situation was a factor.

However, the main headwinds for proxy advisors like ISS have come from U.S. politics. In December, President Donald Trump issued an executive order mandating a review of the influence wielded by major proxy advisors ISS and Glass Lewis. The administration stated that these advisors often "advance and prioritize radical, politically motivated issues." The Securities and Exchange Commission (SEC), Federal Trade Commission (FTC), and the Department of Labor have been tasked with determining whether the proxy advisors have violated any regulations or antitrust laws. The agencies are also to consider possible regulatory measures.

RECORD PROFIT AND HIGHER DIVIDEND

The past year was a strong one for Deutsche Börse. The group achieved a record profit and plans to reward shareholders with a dividend of €4.20 per share, up 20 cents. The group's key net revenue (excluding treasury income) rose by nine percent to €5.2 billion in 2025. Operating profit (Ebitda) increased by 14 percent to €2.7 billion. Effective cost management paid off here, said CFO Jens Schulte. For the current year 2026, CEO Leithner is forecasting further growth, expecting net revenue to rise to around €5.7 billion and Ebitda to about €3.1 billion.

(Reporting by Myria Mildenberger, edited by Philipp Krach. For queries, contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)