Intercontinental Exchange (ICE) announced it has entered into a definitive merger agreement to acquire MarketAxess Holdings Inc. in an all-cash transaction. Following the merger, MarketAxess will operate as a wholly owned subsidiary of ICE, expanding ICE's presence in the electronic trading of fixed-income securities.
Key Details
- Transaction Terms: ICE will acquire all outstanding shares of MarketAxess for $167.00 per share in cash, representing a total equity value of approximately $5.88 billion.
- Financing: The acquisition will be funded through a combination of available cash and new debt financing. ICE has secured a commitment for a 364-day senior unsecured bridge facility of up to $6.25 billion to support the transaction.
- Closing Conditions: The merger is subject to approval by MarketAxess stockholders, the expiration of the waiting period under the HSR Act, and other customary regulatory approvals. The transaction is not subject to a financing condition.
- Termination Fees: The agreement includes a $148.8 million termination fee payable by MarketAxess and a $327.4 million regulatory termination fee payable by ICE under certain specified conditions.