ICE · 10-Q · 2026Q3 · Full report

Acquisition Integration Costs

Intercontinental Exchange, Inc. · 2026-10-29 · Importance 71 · Surprise 82 · Matches filing data

ICE incurred $102 million of acquisition-related transaction and integration costs in the nine months ended September 30, 2026, compared with $51 million in 2025; quarterly costs were $49 million versus $9 million. The increase primarily reflected bridge-facility expenses during the quarter related to the pending MarketAxess acquisition and higher integration costs from the Black Knight acquisition. The August 2026 senior-note issuance also generated $3.75 billion in principal to fund part of the pending MarketAxess purchase price. ICE had separately entered into a $2.0 billion delayed-draw term loan for the acquisition and refinancing of certain MarketAxess debt, with no amount drawn as of September 30, 2026.

Key facts

• Acquisition-related transaction and integration costs were $102 million and $51 million for the nine months ended September 30, 2026 and 2025, respectively, and $49 million and $9 million for the three-month periods. source
• Acquisition costs in the three months ended September 30, 2026 primarily included bridge facility expenses related to the pending MarketAxess acquisition, alongside increased Black Knight integration costs. source
• During the nine and three months ended September 30, 2026, ICE adjusted a net $6 million expense related to pre-acquisition debt for its pending MarketAxess acquisition; this comprised $22 million of interest expense on senior notes and a term loan executed in August 2026, net of $16 million of interest income on the proceeds. source
• ICE adjusted acquisition-related transaction and integration costs for acquisitions such as Black Knight because of the magnitude of the purchase price, and also adjusted transaction costs related to its pending MarketAxess acquisition. source

Impact estimates