ICE · 8-K · 20260730PR324909

Acquisition / Partnership / Divestiture

Intercontinental Exchange, Inc. · 2026-07-30 · Importance 75 · Surprise 60 · Contradicted

Intercontinental Exchange agreed to acquire MarketAxess Holdings for $167 per share in cash, representing a 33% premium and approximately $6.0 billion of equity value and $5.7 billion of enterprise value. The transaction combines MarketAxess’s institutional fixed-income network serving approximately 2,100 investors and broker-dealers across more than 90 countries with ICE’s retail bond, data, analytics, and index businesses. ICE expects $100 million of annual run-rate expense synergies, fully realized within three years after closing, and expects the transaction to be accretive to adjusted EPS in the first full year following close. The transaction is expected to close in the first half of 2027, subject to MarketAxess stockholder approval, applicable regulatory clearances, and customary closing conditions.

Key facts

• The transaction represents an equity value of approximately $6.0 billion source
• The transaction represents a total enterprise value of approximately $5.7 billion source
• $100 million in annual run-rate expense synergies are expected to be fully realized within three years post-close source
• ICE will acquire all outstanding shares of MarketAxess for $167 per share in cash source
• The transaction was unanimously approved by the Boards of Directors of both companies source
• Intercontinental Exchange, Inc. announced a definitive agreement to acquire MarketAxess Holdings Inc. source
• The $167 per share purchase price represents a 33% premium to MarketAxess's closing price as of July 29, 2026 source
• The transaction is expected to be accretive to adjusted ICE EPS in the first full year following close source

Impact estimates