ICE · 10-Q · 2026Q3 · Full report
Acquisition / Partnership / Divestiture
Intercontinental Exchange, Inc. · 2026-10-29 · Importance 40 · Surprise 42 · In source text
ICE describes costs and financing related to its pending acquisition of MarketAxess. In August 2026, it executed senior notes and a term loan for the acquisition; during the nine months ended September 30, 2026, it recorded $22 million of interest expense on that pre-acquisition debt, offset by $16 million of interest income on the proceeds. The filing says the debt issuance and related financing arrangements were the only significant changes to contractual obligations and commercial commitments during the period, and refers readers to the notes and timing information for the acquisition.
Key facts
- On August 20, 2026, ICE issued $3.75 billion of senior notes due in 2029, 2031, 2033 and 2036, with net proceeds intended to partly fund the pending MarketAxess acquisition. source
- ICE entered into a $2.0 billion delayed-draw term loan facility to help finance part of the MarketAxess acquisition and refinance certain existing MarketAxess debt; no amount had been drawn at September 30, 2026. source
- ICE established $1.5 billion of revolving commitments under its Credit Facility that may be borrowed in connection with its pending MarketAxess acquisition. source
- ICE entered a definitive agreement on July 29, 2026 to acquire MarketAxess Holdings Inc. for an implied equity value of approximately $6.0 billion, or $167 per share, with all-cash consideration. source
- The MarketAxess merger remained subject to customary closing conditions and other required regulatory approvals, and ICE expected it to close in the first quarter of 2027. source
- The 2033 and 2036 senior notes are subject to special mandatory redemption if the MarketAxess acquisition is not consummated by the applicable outside date. source
- The DOJ and FTC granted early termination of the HSR Act waiting period effective October 21, 2026, satisfying that condition for ICE’s MarketAxess acquisition. source
- ICE expects to continue exploring and pursuing potential acquisitions and strategic opportunities and may incur acquisition-related transaction costs in future periods. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -2.1% | On August 20, 2026, ICE issued $3.75 billion of senior notes due in 2029, 2031, 2033 and 2036, with net proceeds intended to partly fund… |
| cash | negative | probable | -1.7% | ICE entered a definitive agreement on July 29, 2026 to acquire MarketAxess Holdings Inc. for an implied equity value of approximately $6.0… |
| cash | negative | contingent | — | The 2033 and 2036 senior notes are subject to special mandatory redemption if the MarketAxess acquisition is not consummated by the… |
| liability | positive | contingent | — | The 2033 and 2036 senior notes are subject to special mandatory redemption if the MarketAxess acquisition is not consummated by the… |