Swiss exchange operator SIX Group has reached an agreement to acquire London-based Aquis Exchange with a cash offer that values the latter at £207 million and an enterprise value of approximately £194 million. SIX has revealed in a statement that the acquisition represents an opportunity to extend its pan-European presence beyond its home markets.
A Reuters report observed that the offer sent Aquis’ share price soaring. Shareholders are now entitled to receive 727 pence per share, compared to the 330 pence closing price that was recorded on the Friday before the announcement (8 November).
Aquis’ businesses include a pan-European multi-lateral trading facility (MTF) for cash equities that covers 16 European markets, licensing of proprietary market infrastructure technologies, a UK primary listing growth market, and market data. Most recently, it entered into a joint venture with Cboe Europe to build SimpliCT, a consolidated tape for the EU.
A symbiotic relationship
Bjørn Sibbern, global head of exchanges at SIX believes that Aquis’ strength in SMEs and growth companies will add to SIX’s traditional primary exchange and data businesses, and complement SIX’s growth listing segments. Post acquisition, “Aquis will continue to operate under its existing brand and business model with maximum agility”.
Aquis CEO Alasdair Haynes acknowledges the acquisition as an opportunity to accelerate the development of Aquis’ business, allowing the company to compete more effectively on the European stage while retaining its entrepreneurial spirit.
