SIX Group agrees £194m deal to acquire UK’s Aquis Exchange
SIX Group, a Swiss stock exchange operator, has agreed a deal to acquire all issued and to-be-issued shares of UK-based Aquis Exchange.
SIX Group to acquire Aquis Exchange
The deal will see each Aquis shareholder receive 727 pence in cash per share, more than double the closing price of 330 pence on Friday 8 November.
SIX says the offer “values the entire issued and to-be-issued share capital of Aquis at approximately £207 million (using the treasury stock method for share options), and £225 million on a fully diluted basis, and implies an enterprise value of approximately £194 million”.
Established in 2012, Aquis is a London-headquartered capital markets firm that operates a pan-European multilateral trading facility (MTF) for cash equities in 16 European markets.
In addition, it offers a UK primary listing growth market, licenses proprietary market infrastructure technologies, and provides market data services.
Commenting on the deal, Alasdair Haynes, founder and CEO of Aquis, states: “Aquis has a clear path of growth ahead; however, the Aquis directors recognise there are always some operational, commercial, and market risks associated with the timing of future value creation. The offer de-risks this future value creation and provides Aquis shareholders with certain value at a material premium.”
Founded in 2008, SIX manages an integrated exchange ecosystem delivering a suite of products for stock transactions, financial data, payment solutions, and securities trading.
The company says the acquisition presents an opportunity to expand its offerings across data solutions, traditional primary exchange services, and MTFs, while also enhancing the firm’s “pan-European liquidity footprint”.
Additionally, SIX believes the deal will enable the creation of an “increasingly attractive offering” for retail brokers by extending its “universe of tradable securities across Europe”.
Following the completion of the deal, the timeline for which remains undisclosed, Aquis will continue to operate under its “existing brand and business model with maximum agility while benefitting from our resources, scale and further investment,” explains Bjørn Sibbern, global head of exchanges at SIX.
