ICE · 10-Q · 2026Q2 · Full report

Acquisition / Partnership / Divestiture

Intercontinental Exchange, Inc. · 2026-07-30 · Importance 55 · Surprise 66 · Contradicted

ICE incurred $53 million of acquisition-related transaction and integration costs during the six months ended June 30, 2026, up from $42 million in the comparable 2025 period, primarily for integrating Black Knight. Management expects to continue pursuing acquisitions and other strategic opportunities to strengthen its competitive position and support growth. Cash paid for equity investments increased by $829 million during the six months ended June 30, 2026, primarily from investments in Polymarket and OKX. ICE also recorded a $390 million fair-value gain primarily related to Polymarket preferred stock and a $62 million unrealized gain on its Bakkt investment.

Key facts

• On July 29, 2026, Intercontinental Exchange, Inc. entered into a definitive agreement to acquire MarketAxess Holdings Inc. source
• The MarketAxess transaction is valued at approximately $6.0 billion, or $167 per share, with purchase consideration consisting entirely of cash. source
• In conjunction with the MarketAxess acquisition agreement, Intercontinental Exchange, Inc. entered into a financing commitment letter for a 364-day senior unsecured bridge facility in an aggregate principal amount not to exceed $6.2 billion. source
• The MarketAxess transaction is expected to close in the first half of 2027, subject to receipt of MarketAxess stockholder approval, applicable regulatory approvals and customary closing conditions. source
• The purpose of the Bridge Facility is to provide backup financing to fund, in part, the acquisition and to pay related fees, commissions and expenses, if the permanent debt financing cannot be obtained. source
• The commitments obtained for the Bridge Facility may be permanently reduced from $6.2 billion to $0 as a result of (i) the effectiveness of a future term loan facility, (ii) the issuance by us of senior unsecured notes and (iii) the amendment of our existing revolving credit agreement. source
• Intercontinental Exchange, Inc. incurred $53 million and $42 million in acquisition-related transaction and integration costs during the six months ended June 30, 2026 and 2025, respectively. source
• Intercontinental Exchange, Inc. increased cash paid for equity investments by $829 million primarily from its Polymarket and OKX investments during the six months ended June 30, 2026. source

Impact estimates