SIX is set to acquire Aquis Exchange in a major deal which will undoubtedly shake up the European equities landscape.
The Swiss exchange group has agreed to acquire the entire issued and to be issued ordinary share capital of Aquis at a price of 727 pence per share, valuing the entire issued and to be issued share capital of Aquis at approximately £207 million (based on treasury stock methodology).
The deal implies an enterprise value of approximately £194 million.
Alasdair Haynes, chief executive of Aquis, said: “I am immensely proud of the business we have built over the past 12 years. Since launching as a start-up subscription based exchange in 2012, Aquis has become a diversified multi-product European exchange group that creates and facilitates more efficient markets for a modern economy.
“Aquis has a clear path of growth ahead; however, the board recognises there are always some operational, commercial and market risks associated with the timing of future value creation. The cash offer de-risks this future value creation and provides Aquis shareholders with certain value at a material premium.”
Founded in 2012, Aquis has headquarters in London and Paris, operating across several business segments including a pan-European multi-lateral trading facility (MTF) for cash equities which covers 16 European markets (Markets), licensing of proprietary market infrastructure technologies (Technologies), an UK primary listing growth market (Stock Exchange), and market data derived from Markets and Stock Exchange (Data).
“As part of SIX, we have an exciting opportunity to accelerate the development of our business and compete more effectively on the European stage, while retaining our entrepreneurial spirit. SIX shares our deep commitment to capital markets innovation and together we will be better placed to assist SMEs and growth companies in accessing capital markets,” added Haynes.
SIX added that it considers the acquisition of Aquis to be a “compelling strategic opportunity which will complement its strategy to scale the exchange business beyond its home markets”.
The combined resources and capabilities of SIX and Aquis create a pan-European exchange across traditional primary exchange and MTF businesses.
Bjørn Sibbern, global head of exchanges at SIX, said: “The combination will add Aquis’ strong offering to our traditional primary exchange and data businesses, complementing SIX’s existing growth listing segments.
“As part of SIX, Aquis will continue to operate under its existing brand and business model with maximum agility while benefitting from our resources, scale and further investment, enhancing Aquis’ ability to continue to develop its business. We look forward to welcoming the Aquis team to SIX and continuing to build a diverse, pan-European Exchange Innovator.”
More to follow…