SIX Exchange Group strikes £225m Aquis takeover deal
- SIX intends to buy the junior stock market operator for 727 pence per share
- Since listing on the AIM market in 2018, Aquis’s turnover has soared by 495%
One of Europe’s largest stock exchanges has agreed to purchase London-listed Aquis Exchange in a £225million deal.
Swiss firm SIX Exchange Group intends to buy the junior stock market operator for 727p per share, a 120 per cent premium to Aquis’s closing price on Friday.
SIX believes the takeover would enhance its ability to serve existing customers with its infrastructure services and ‘seamless access’ to capital markets while unlocking further growth in new territories.
Acquisition deal: Swiss-based SIX Exchange Group intends to buy the junior stock market operator Aquis Exchange for 727 pence per share
It also said the deal would ‘create an increasingly attractive offering’ for retail brokers and broaden its offering across the traditional primary exchange business, MTFs and data offerings.
Headquartered in Zurich, SIX owns the SIX Swiss Exchange, the third biggest stock exchange in Europe, and provides banking and securities services, as well as real-time financial data for distribution.
The company hopes to complete the acquisition of Aquis in the second quarter of next year, subject to shareholder approval.
Bjørn Sibbern, global head of exchanges at SIX, said: ‘We believe that combining Aquis with SIX’s platform is a compelling opportunity to bring together two businesses with a shared commitment to capital markets innovation.
‘The combination will add Aquis’ strong offering to our traditional primary exchange and data businesses, complementing SIX’s existing growth listing segments.’
Founded in 2012, Aquis runs a junior stock market containing high-profile names like Suffolk brewer Adnams, Arbuthnot Banking Group, and mining developer Wishbone Gold.
It also provides exchange technology, including a low-latency matching engine and single-dealer platform, as well as consulting services.
Since listing on London’s AIM market in 2018, the firm’s turnover has soared by 495 per cent, propelled by the set-up of the Aquis bourse. It made a £5.2million profit last year.
But Aquis bosses said the group’s future would be better placed under new ownership given the highly competitive nature of the European exchange market and the need to invest in technology and distribution.
Alasdair Haynes, its founder and chief executive, said: ‘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.
Aquis Exchange shares skyrocketed by 114.1 per cent to 706.7p by mid-morning on Monday, making them by far the biggest riser on the AIM All-Share Index.
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