ICE to acquire MarketAxess in $6bn cash deal

Intercontinental Exchange (ICE) has entered a definitive merger agreement to acquire all outstanding shares of MarketAxess for $167 per share in cash. The agreed price represents a 33% premium to MarketAxess’s closing share price as of July 29, 2026. The transaction implies an equity value of approximately $6.0 billion and a total enterprise value of about $5.7 billion, with the deal described as an all-cash transaction of roughly $6 billion.

The boards of directors of both Intercontinental Exchange (ICE) and MarketAxess have unanimously approved the deal. Completion of the acquisition is expected in the first half of 2027, subject to approval by MarketAxess stockholders, applicable regulatory clearances and other customary closing conditions. ICE plans to review further transaction details on its second-quarter earnings call.

ICE stated that combining its data, analytics and retail bond franchise with MarketAxess’s institutional electronic fixed-income trading network is intended to create a more complete fixed-income platform. The goal is to bring together complementary capabilities in fixed-income markets on a single, integrated electronic infrastructure. The transaction is positioned as a step toward a broader fixed-income ecosystem that connects data and trading services across client types.

In connection with the deal, BofA Securities is serving as financial advisor to Intercontinental Exchange (ICE). J.P. Morgan Securities LLC is serving as financial advisor to MarketAxess. These advisory roles encompass support on valuation, structure and execution as the parties move through shareholder and regulatory approval processes toward the targeted first-half 2027 close.

Following entry into the merger agreement, MarketAxess made several changes to its financial communications and guidance. The company canceled its planned August 7 earnings call and withdrew its 2026 annual guidance and medium-term financial targets. It also suspended the publication of its monthly trading-volume press releases while the transaction is pending.

At the same time, MarketAxess declared a regular quarterly cash dividend of $0.78 per share. This dividend is payable on September 2, 2026 to shareholders of record as of August 19, 2026. The announcement maintains the company’s existing dividend schedule during the merger process.

On the day the deal was announced, MarketAxess reported its financial results for the second quarter of 2026. The company posted total revenue of $218.4 million and net income of $68.3 million, with diluted earnings per share of $1.93. Operating margin for the quarter was 41.1%, indicating a profitable trading and data franchise at the time of the acquisition agreement.

Operationally, MarketAxess highlighted continued growth in portfolio trading activity. Portfolio trading average daily volume rose 33% to a record $2.0 billion in the quarter. These results provide context for the valuation implied by ICE’s $167-per-share all-cash offer and illustrate the scale and growth characteristics of the business being integrated into ICE’s fixed-income platform.