Swiss-based SIX Group is expanding beyond its home market. Through the acquisition of a British multilateral trading system operator, the Swiss company broadens its operations.
SIX Group has reached an agreement to acquire Aquis Exchange, based in London. With this acquisition, the Swiss exchange operator will gain a multilateral trading facility (MTF) for stocks across 16 European markets, according to a statement released on Monday.
In addition, Aquis licenses its proprietary market infrastructure technologies to external clients, operates a primary market for growth companies in the UK, and provides market data derived from trading activities.
Premium On Share Price
Under the terms of the cash offer, SIX will acquire all Aquis's issued and outstanding share capital. Shareholders will be offered a price of 727 pence per share. The total purchase price for the entire share capital amounts to approximately 207 million pounds or about 234.5 million francs.
This represents a 68% premium over the 6-month average share price and 120% more than Aquis’s closing price last Friday.
Expanded Product Offering
«We believe that combining Aquis with SIX's platform is a compelling opportunity to bring together two businesses with a shared commitment to capital markets innovation,» said Bjørn Sibbern, Global Head of Exchanges at SIX. «The combination will add Aquis’ strong offering to our traditional primary exchange and data businesses, complementing SIX’s existing growth listing segments».
The acquisition is expected to broaden SIX's pan-European presence. Customers and shareholders will benefit from an expanded product offering and access to exchange services across Europe. This will strengthen the financial centers in Switzerland and Spain while creating new growth opportunities, the statement added.
Exciting Opportunity
Aquis CEO Alasdair Haynes also highlighted the benefits of the acquisition: «As part of SIX, we have an exciting opportunity to accelerate the development of our business and compete more effectively on the European stage, while retaining our entrepreneurial spirit».
