M&A · Financials · Security Brokers, Dealers & Flotation Companies
Intercontinental Exchange, Inc. to acquire MarketAxess Holdings Inc
Announced Jul 30, 2026 · Pending Sep 4, 2026
Deal value$6.00B
Premium33.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$167.00 per share
Transaction
- Acquirer
- Intercontinental Exchange, Inc. (ICE)
- Target
- MarketAxess Holdings Inc (MKTX)
- Buyer type
- Strategic
- Offer price per share
- $167.00
- Enterprise value
- —
- Status
- Pending Sep 4, 2026
Deal protections
- Break fee (target pays)
- $149M · 2.5%
- Reverse fee (buyer pays)
- $327M · 5.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- JPMorgan
- JPMorgan fee
- $65.5M
Sector context · Financials
- Comparable deals
- 77 in the prior 24 months
- Premium
- 33.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- 2.5% vs. 3.8% sector median
Timeline
- AnnouncedJul 30, 2026
- Proxy filedSep 4, 2026
- Definitive proxySep 18, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparables$120.53$250.17
Trading comparables$122.83$245.66
Precedent transactions$160.45$245.10
Discounted cash flow$145.14$200.06
Offer $167.00
Implied value per MarketAxess Holdings Inc share by analysis, from JPMorgan · DCF discount rate 7%–8%.