London-based challenger stock exchange Aquis has agreed terms to be taken over by Switzerland’s Six Group.
Announced in a regulatory filing on Monday, the boards of the companies have agreed to a cash offer that would see Six pay 727p a share, valuing Aquis Exchange at £207m.
The deal would see a major return for shareholders, with the valuation at a considerable premium. On Friday, Aquis shares – listed on the London Stock Exchange – were trading at 340p per share.
The agreed valuation from Six Group represents a 120% bump. At the opening of the London markets on Monday, Aquis shares had shot up to 700p.
The highest share price seen at Aquis since its initial public offering in 2018 was 720p in 2021.
“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.”
Sibbern said Aquis will “continue to operate under its existing brand and business model” whilst also contributing to the Zurich-headquartered firm’s ambition of building a “pan-European Exchange Innovator”.
The conditional offer still requires agreement from shareholders at the next Aquis annual general meeting, likely to take place around April 2025.
Founded in 2012 by Alasdair Haynes, Aquis is a challenger exchange that aims to create a more efficient, technology-led bourse that opens up investment to small and medium-sized businesses.
Commenting on the offer, Haynes said: “I am immensely proud of the business we have built over the past 12 years,” said Aquis founder and CEO Alasdair Haynes.
“This has only been possible through continuous technology-led innovation and the tireless efforts of our people. 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.”
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.
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