The parent company of the New York Stock Exchange, Intercontinental Exchange, has launched a $6 billion bond sale to finance its acquisition of MarketAxess. The deal, announced on July 30, values MarketAxess at approximately $6 billion with an enterprise value of $5.7 billion, representing a 33% premium over its share price. The bond offering consists of up to five tranches with maturities ranging from three to ten years. ICE projects the transaction will be accretive to earnings in the first full year after closing and expects to realize $100 million in annual synergies within three years. The acquisition, expected to close in the first half of 2027, aims to combine ICE’s data infrastructure and retail distribution with MarketAxess’s institutional trading network in a global bond market worth approximately $145 trillion.
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