SIX Exchange Group closes £225m Aquis takeover deal
- SIX plans to buy the junior exchange manager for 727 pence per share
- Since listing on the AIM market in 2018, Aquis sales have increased by 495%
One of Europe’s largest stock exchanges has agreed to acquire London-listed Aquis Exchange for £225 million.
Swiss firm SIX Exchange Group plans to buy the junior exchange operator for 727p per share, a 120 percent premium to Aquis’ closing price on Friday.
SIX believes the acquisition would enhance its ability to serve existing customers with its infrastructure services and ‘seamless access’ to capital markets, while unlocking further growth in new areas.
Takeover deal: Switzerland-based SIX Exchange Group plans to buy junior exchange operator Aquis Exchange for 727 pence per share
It also said the deal would “create an increasingly attractive offering” for retail brokers and broaden the offering across traditional primary exchange businesses, MTFs and data offerings.
Headquartered in Zurich, SIX owns the SIX Swiss Exchange, Europe’s third largest stock exchange, and provides banking and securities services as well as real-time financial data for distribution.
The company hopes to complete the Aquis acquisition 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 an attractive opportunity to bring together two companies with a shared commitment to innovation in the capital markets.
“The combination will add Aquis’ strong offering to our traditional primary exchange and data businesses, complementing SIX’s existing growth segments.”
Founded in 2012, Aquis runs a junior stock market with high-profile names such as Suffolk brewer Adnams, Arbuthnot Banking Group and mining developer Wishbone Gold.
It also offers exchange technology, including a low-latency matching engine and single-dealer platform, as well as advisory services.
Since listing on London’s AIM market in 2018, the company’s revenue has increased by 495 percent, driven by the creation of the Aquis stock exchange. Last year the company made a profit of £5.2 million.
But Aquis bosses said the group’s future would be better under new ownership given the highly competitive nature of the European currency market and the need to invest in technology and distribution.
Alasdair Haynes, Founder and CEO, said: “Aquis has a clear path of growth ahead of it; however, the Aquis directors recognize that there are always a number of operational, commercial and market risks associated with the timing of future value creation.
‘The offer reduces the risk of this future value creation and offers Aquis shareholders some value at a material premium.
Aquis Exchange shares rose 114.1 percent to 706.7p on Monday, making them by far the biggest gainer on the AIM All-Share Index.
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