The boards of SIX Group and Aquis Exchange announced that they have reached agreement on the terms of a recommended cash offer to be made by SIX, to acquire the entire issued and to be issued ordinary share capital of Aquis at a price of 727 pence per share. The offer values the entire issued and to be issued share capital of Aquis at approximately £207 million ($266.8mn) based on treasury stock methodology, and implies an enterprise value of approximately £194 million.
Founded in 2012 with headquarters in London and an EU base in Paris, Aquis operates across several business segments including a pan-European multi-lateral trading facility (MTF) for cash equities which covers 16 European markets (Markets), licensing of proprietary market infrastructure technologies (Technologies), an UK primary listing growth market (Stock Exchange), and market data derived from Markets and Stock Exchange (Data).
SIX considers the acquisition of Aquis to be a compelling strategic opportunity which will complement its strategy to scale the exchange business beyond its home markets. The combined resources and capabilities of SIX and Aquis create a Pan-European Exchange across traditional primary exchange and MTF businesses.
Both companies share a common philosophy regarding capital markets innovation, liquidity and offering choice to users, which will further strengthen the ability of SIX to serve customers in Switzerland, Spain and across Europe. Furthermore, the unique value proposition of combining Aquis’ next-generation technology solutions business with SIX’s capabilities unlocks recurring revenue streams. In addition, it provides the opportunity to create a competitive pan-European listing venue for growth companies by combining Aquis’ and SIX’s growth listing segments.
Bjørn Sibbern, global head of Exchanges at SIX, said in a statement: “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. The combination will add Aquis’ strong offering to our traditional primary exchange and data businesses, complementing SIX’s existing growth listing segments.
“As part of SIX, Aquis will continue to operate under its existing brand and business model with maximum agility while benefitting from our resources, scale and further investment, enhancing Aquis’ ability to continue to develop its business. We look forward to welcoming the Aquis team to SIX and continuing to build a diverse, pan-European Exchange Innovator.”
Alasdair Haynes, CEO of Aquis, said in a statement: “Since launching as a start-up subscription based exchange in 2012, Aquis has become a diversified multi-product European exchange group that creates and facilitates more efficient markets for a modern economy. This has only been possible through continuous technology-led innovation and the tireless efforts of our people.
“Aquis has a clear path of growth ahead; however, the board recognizes there are always some operational, commercial and market risks associated with the timing of future value creation. The cash offer de-risks this future value creation and provides Aquis shareholders with certain value at a material premium.
“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. SIX shares our deep commitment to capital markets innovation and together we will be better placed to assist SMEs and growth companies in accessing capital markets.”