Intercontinental Exchange, Inc. (ICE), a leading provider of financial market technology and data, said its acquisition of MarketAxess Holdings, Inc. would create a premier fixed income platform.
The company said it had entered into a definitive agreement to acquire MarketAxess, and that the combination would unite two complementary platforms in global fixed income, and would connect institutional and retail investors through one integrated ecosystem.
“For more than two decades, ICE has pursued a clear and consistent strategy: take the largest, least-efficient corners of global finance and apply technology and network effects to improve transparency,” Jeff Sprecher, ICE Chair and CEO, said. “That is what we did in energy, in credit default swaps, and in mortgage technology. Acquiring MarketAxess is the natural next step in that journey. Together, we will build the fixed income ecosystem that investors have always deserved – one that is transparent, efficient, fully connected, and accessible to all.”
Under the agreement, ICE will acquire all of MarketAxess’ outstanding shares for $167 each in cash, a 33 percent premium to MarketAxess closing price on July 29, 2026. The equity value of the exchange is approximately $6 billion, while the total enterprise value is approximately $5.7 billion. The transaction has been unanimously approved by both companies’ Boards of Directors.
MarketAxess connects an estimated 2,100 institutional investors and broker-dealers across more than 90 countries, enabling electronic trading in corporate bonds, municipal bonds, emerging market debt, Eurobonds, U.S. Treasury bonds, and other fixed income instruments. When combined with ICE’s established retail and wealth focused bond trading franchise, data and analytics capabilities and global index business, the combined platform will provide a comprehensive fixed income market, officials said.
“MarketAxess has built its business by helping solve customer needs in increasingly complex markets,” Chris Concannon, CEO of MarketAxess, said. “What makes this combination so compelling is the complementary strengths each company brings. MarketAxess contributes a leading fixed-income trading network and deep market expertise, while ICE brings additional retail and wealth trading protocols, strong data, connectivity, and a broader set of product capabilities. Together, we will have the scale to invest more deeply in the areas that matter most to our customers.”
The agreement also features a 100 percent cash consideration finance via newly issued debt; $100 million in annual run-rate expense synergies, to be realized within three years of the deals close; and an expectation of being accretive to adjusted ICE EPS in the first full year following the deal’s close.