Six Exchange Acquires Aquis Exchange for $250 Million

SIX Exchange, the Swiss bourse operator, on Monday said that it will acquire the London-based Aquis Exchange, a creator and facilitator of next-generation financial markets, for $250.31 million.

Under the terms of the offer, each Aquis shareholder will be entitled to receive 727 pence per share in cash and the deal is expected to close in the first half of 2025.

The offer values the entire issued and to be issued share capital of Aquis at approximately $267.07 million based on treasury stock methodology, and implies an enterprise value of approximately $250.31 million.

The offer provides value for Aquis shareholders at a premium of approximately 68% to the six-month volume weighted average price of 433 pence per Aquis share on 8 November 2024 (being the last trading day before the commencement of the offer period) and 120% to the closing price of 330 pence per Aquis share on 8 November 2024.

SIX operates a fully integrated exchange value chain, offering a diversified product portfolio for securities trading, stock market transactions, financial information and payment transactions, across multiple geographies. Central to SIX’s exchange strategy has been a focus on addressing liquidity fragmentation trends by continually innovating the functionalities of its platform offering.

SIX 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 will create a Pan-European Exchange across traditional primary exchange and MTF businesses.

Both companies share a common philosophy regarding capital markets innovation, liquidity and offering choice to users, which will further strengthen the ability of SIX to serve customers in Switzerland, Spain and across Europe.

Furthermore, the unique value proposition of combining Aquis’ next-generation technology solutions business with SIX’s capabilities unlocks recurring revenue streams.

Developing Capital Markets

Bjørn Sibbern, Global Head of Exchanges at SIX, said 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, he said.

“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,” he added.

Aquis CEO Alasdair Haynes said that 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.  This has only been possible through continuous technology-led innovation and the tireless efforts of our people.

“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,” he added.