Intercontinental Exchange signed a definitive agreement to acquire MarketAxess in a deal representing an equity value of roughly $6 billion and an enterprise value of around $5.7 billion.
- ICE will pay $167 per share in cash, representing a 33% premium to MarketAxess’s closing price on July 29.
- The acquisition will combine MarketAxess’s institutional bond-trading network with ICE’s retail bond marketplace.
- ICE expects the acquisition to be accretive to adjusted earnings per share (EPS) in the first full year after closing.
Shares of MarketAxess (MKTX) surged nearly 30% in early trading on Thursday, headed for their biggest single-day gains since October 2008, as a $6 billion buyout offer by Intercontinental Exchange (ICE) followed its better-than-expected second-quarter earnings.
MKTX stock crossed the key 200-day moving average (200-DMA) for the first time since March and is currently trading at its highest levels in more than three months.
ICE’s Buyout Offer At A 33% Premium
On Thursday, ICE and MarketAxess signed a definitive acquisition agreement in a deal representing an equity value of roughly $6 billion and an enterprise value of around $5.7 billion.
ICE will pay $167 per share in cash, representing a 33% premium to MarketAxess’s closing price on July 29. The transaction has been approved by the boards of both companies and is expected to close in the first half of 2027.
Why Is ICE Acquiring MKTX?
MarketAxess connects roughly 2,100 institutional investors and broker-dealers across more than 90 countries, enabling electronic trading in corporate bonds, municipal bonds, Treasuries, Eurobonds, and emerging-market debt.
The acquisition will combine MarketAxess’s institutional bond-trading network with ICE’s retail and wealth-focused bond trading marketplace, pricing, analytics, and index capabilities to create a broader fixed-income platform. ICE said the combined company will offer clients a single workflow that covers pre-trade analytics, electronic execution, and post-trade data and compliance tools.
ICE expects the acquisition to be accretive to adjusted earnings per share (EPS) in the first full year after closing. The company plans to finance the transaction with new debt, including bonds, term loans, and commercial paper, while also increasing its quarterly share repurchase target to $400 million from $350 million.
ICE, MKTX Post Q2 Beat
The deal announcement came as both companies reported better-than-expected second quarter results. ICE posted revenue of $2.66 billion, compared to analysts’ estimates of $2.61 billion, according to Fiscal.ai data. Earnings came in at $1.90 per share, compared to consensus estimates of $1.84 per share.
Meanwhile, MarketAxess reported Q2 revenue of $218.4 million, beating analyst estimates of $216.7 million, as a 14% increase in services revenue helped offset a 3% decline in total commission revenue. The company also posted earnings per share of $1.95, which came in ahead of consensus estimates of $1.86.
Retail’s Take On ICE, MKTX
Retail sentiment remained ‘neutral’ for MKTX and ‘bearish’ for ICE over the past 24 hours on Stocktwits.
Both stocks have fallen in 2026, with MarketAxess down 8.5%, a steeper decline than ICE’s 4.3% drop.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
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