Swiss exchange operator SIX Group has reached an agreement to acquire UK-based challenger exchange and data provider Aquis for an enterprise value of £194 million.
SIX and Aquis have established terms for a recommended cash offer of 727 pence per share, representing a 120% premium over Friday’s closing price.
Founded in 2012 by industry veteran Alasdair Haynes, Aquis operates a pan-European MTF for cash equities, licenses proprietary market infrastructure technologies, manages a UK primary listing growth market, and runs a market data unit.
SIX views the acquisition of Aquis as a “compelling strategic opportunity” that will help create a pan-European exchange by integrating traditional primary exchange and MTF businesses. The combination of Aquis’ technology with SIX’s resources is expected to unlock recurring revenue streams.
Bjørn Sibbern, global head of exchanges at SIX, stated, “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.”
Alasdair Haynes added, “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.”