ICE to Acquire MarketAxess in $6 Billion Bond Trading Deal
Intercontinental Exchange (NYSE: ICE) has agreed to acquire electronic bond-trading platform MarketAxess Holdings (NASDAQ: MKTX) for approximately $6 billion, or $167 per share. The deal represents a 33% premium over MarketAxess' closing price on Wednesday and is expected to close in the first half of 2027 after regulatory approvals. The acquisition aims to unify ICE's fixed-income trading lifecycle onto one platform, integrating pre-trade analytics with post-trade execution tools. MarketAxess operates a global network connecting institutional investors and broker-dealers across more than 90 countries. The deal is expected to be accretive to adjusted earnings per share in the first full year after closing. ICE will finance the transaction entirely through newly issued debt, including bonds, term loans, and commercial paper. It also plans increased stock repurchases of $400 million quarterly from July 2026 onward.
Topics: bond trading corporate acquisition fixed-income market