ICE · 8-K · 20260730PR324909

Liquidity and Debt Position

Intercontinental Exchange, Inc. · 2026-07-30 · Importance 64 · Surprise 42

ICE plans to fund 100% of the approximately $5.7 billion MarketAxess enterprise value with newly issued debt rather than equity. The financing is expected to include bonds, a term loan and commercial paper. Beginning gross leverage is projected at 3.4x pro forma adjusted EBITDA, with a target of 3.0x or below within 18 to 24 months after closing. The transaction is expected to remain adjusted-EPS accretive in the first full year following completion.

Key facts

• 100% cash consideration will be financed via newly issued debt (a mix of bonds, term loan and commercial paper) source
• ICE stated it can finance this acquisition entirely in cash while maintaining its plans for returning capital to shareholders source