Intercontinental Exchange has entered into a definitive agreement to acquire MarketAxess Holdings, creating an integrated fixed-income marketplace spanning electronic execution, market data, indices, analytics and post-trade services.
ICE will acquire all outstanding MarketAxess shares for $167 per share in cash. The price represents a 33% premium to MarketAxess’s closing share price on July 29, 2026, and values the company at approximately $6 billion on an equity basis and $5.7 billion on an enterprise-value basis. The boards of both companies unanimously approved the transaction.
MarketAxess operates an electronic fixed-income trading network connecting approximately 2,100 institutional investors and broker-dealers across more than 90 countries. Its platform supports trading in corporate bonds, municipal bonds, emerging-market debt, Eurobonds, U.S. Treasuries and other fixed-income instruments.
The combination will unite MarketAxess’s institutional network and electronic execution capabilities with ICE’s retail and wealth-oriented bond trading franchise, fixed-income data business and global index operations.
Clients will gain access to an integrated workflow covering pre-trade price discovery and analytics, institutional and retail execution, post-trade data, compliance tools and benchmarking. ICE expects the combined liquidity pool and expanded trading protocols to improve pricing and lower transaction and operating costs.
ICE plans to finance the acquisition entirely with newly issued debt, including a combination of bonds, a term loan and commercial paper. The company expects approximately $100 million in annual run-rate expense synergies, which it plans to realize fully within three years after closing.
The transaction is expected to increase ICE’s adjusted earnings per share during the first full year following completion. ICE will also increase its baseline share repurchases from $350 million to $400 million per quarter.
ICE expects its gross leverage to be approximately 3.4 times when the transaction closes. The company plans to reduce gross leverage to 3 times or less within 18 to 24 months after completion.
The acquisition is expected to close during the first half of 2027, subject to MarketAxess shareholder approval, regulatory clearances and customary closing conditions.
BofA Securities is serving as financial advisor to ICE, while Sullivan & Cromwell and Morgan, Lewis & Bockius are serving as legal advisors. J.P. Morgan Securities is serving as financial advisor to MarketAxess, and Weil, Gotshal & Manges is serving as its legal advisor.
KEY QUOTES:
“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. 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.”
Jeff Sprecher, Chair and CEO of Intercontinental Exchange
“This transaction exemplifies the discipline and long-term perspective that define how ICE approaches capital allocation. We are acquiring a high-quality, cash-generative business and this transaction is expected to be accretive to adjusted EPS. Critically, our balance sheet strength allows us to finance this acquisition entirely in cash while maintaining our plans for returning capital to shareholders. We are confident the combination will generate substantial long-term value for ICE shareholders.”
Warren Gardiner, Chief Financial Officer of Intercontinental Exchange
“MarketAxess has built its business by helping solve customer needs in increasingly complex markets. 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.”
Chris Concannon, CEO of MarketAxess
