SIX Exchange Group announces £225m acquisition of Aquis Exchange

In a move poised to redefine the European financial landscape, SIX Exchange Group has announced its £225 million acquisition of Aquis Exchange PLC. The deal, structured as a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, is expected to bolster SIX Exchange Group’s position across the continent. This acquisition underscores its strategic commitment to expanding market reach and leveraging advanced technology to enhance its offerings.

Aquis Exchange shareholders stand to benefit significantly from the offer, which includes a cash payment of 727 pence per share. This represents a substantial premium, including a 120% increase over the closing price of 330 pence on 8 November 2024. The offer also marks a 68% premium over the six-month volume-weighted average price and a 76% premium to the nine-month volume-weighted average. These figures place Aquis Exchange’s fully diluted valuation at approximately £225 million, with an enterprise value of £194 million.

SIX Exchange Group views the acquisition as a strategic opportunity to enhance its integrated exchange value chain, expand its pan-European liquidity footprint, and address market fragmentation. By incorporating Aquis Exchange’s next-generation technology and trading infrastructure, SIX aims to strengthen its ability to serve customers in Switzerland, Spain, and beyond. The group believes that Aquis Exchange’s innovative solutions align seamlessly with its strategy of offering choice to users and fostering capital markets innovation.

Aquis Exchange, founded in 2012, has transformed into a multi-product, technology-driven exchange group. With a 495% revenue increase since its IPO and a profit of £5.2 million reported in 2023, the company has established itself as a leader in creating efficient markets. Despite its success, the competitive and resource-intensive nature of the European exchange market has prompted Aquis to consider strategic partnerships to mitigate operational and market risks.

Alasdair Haynes, founder and CEO of Aquis Exchange, highlighted the opportunity for shareholders to secure significant value while de-risking the company’s growth trajectory. He noted that the integration with SIX Exchange Group would accelerate development, enhance competitiveness, and strengthen Aquis Exchange’s ability to assist small and medium-sized enterprises in accessing capital markets.

Industry experts suggest that this merger will further consolidate the European financial exchange sector. By combining Aquis Exchange’s innovative platform with SIX Exchange Group’s extensive resources, the partnership is expected to unlock additional revenue streams, improve trading infrastructure, and expand access to retail brokers and institutional clients across Europe.

The acquisition has garnered strong shareholder support, with commitments from holders of approximately 51% of Aquis Exchange’s ordinary share capital. The Aquis board, advised by Evercore, has unanimously recommended the offer, citing its fair and reasonable terms. The transaction is expected to conclude by the second quarter of 2025, pending regulatory and shareholder approvals.

This landmark deal highlights the ongoing trend of consolidation in the financial exchange sector, as operators seek to enhance scalability, optimize operations, and meet evolving market demands. For SIX Exchange Group, the acquisition represents a bold step forward in its mission to innovate and expand its presence in global financial markets.