In a deal that will reshape the European equities trading sector, SIX Group AG (SIX) has agreed to acquire Aquis Exchange Plc (Aquis) for a price of 727 pence per share in cash, representing a 120% premium over Aquis’s closing price of 330pps on 8 November 2024 and a 68% premium over the six-month volume-weighted average price of 433pps. According to SIX, the offer values Aquis’s total current and future share capital at approximately £207 million, implying an enterprise value of around £194 million.
Founded in 2012 and headquartered in London, with an EU base in Paris, Aquis operates a pan-European multi-lateral trading facility (MTF) for equities across 16 European markets, provides proprietary market infrastructure technology, runs a UK primary listing growth market, and offers market data services.
Alasdair Haynes, CEO of Aquis, commented: “I am immensely proud of the business we have built over the past 12 years. 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. This has only been possible through continuous technology-led innovation and the tireless efforts of our people.”
The company certainly has a history of innovative use of technology. Late last year for example, Aquis became the first Recognised Investment Exchange to run a cloud-based matching engine in production, when the group’s Aquis Stock Exchange division migrated all its AQSE markets to Amazon Web Services (AWS).
“Aquis has a clear path of growth ahead; however, the board recognises there are always some operational, commercial and market risks associated with the timing of future value creation,” said Haynes. “The cash offer de-risks this future value creation and provides Aquis shareholders with certain value at a material premium.”
The acquisition aligns with SIX’s strategy to expand its exchange business across Europe. SIX, which already operates the Swiss and Spanish stock exchanges, expects the deal to enhance its capacity to serve clients by integrating Aquis’s MTF operations, thus creating a more comprehensive pan-European exchange offering. The move will allow SIX to tap into Aquis’s innovative trading technology, extend its range of tradable securities, and improve services for retail brokers by enhancing execution quality across Europe.
SIX also sees the acquisition as an opportunity to build a competitive pan-European listing venue for growth companies, leveraging Aquis’s expertise in providing capital market access to SMEs. By combining Aquis’s advanced technology with SIX’s multi-asset class infrastructure, the merged entity aims to unlock new recurring revenue streams and offer a strengthened value proposition to clients in Switzerland, Spain, and beyond.
Bjørn Sibbern, Global Head of Exchanges at SIX, commented: “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. The combination will add Aquis’ strong offering to our traditional primary exchange and data businesses, complementing SIX’s existing growth listing segments. As part of SIX, Aquis will continue to operate under its existing brand and business model with maximum agility while benefitting from our resources, scale and further investment, enhancing Aquis’ ability to continue to develop its business. We look forward to welcoming the Aquis team to SIX and continuing to build a diverse, pan-European Exchange Innovator.”
Haynes further commented: “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. SIX shares our deep commitment to capital markets innovation and together we will be better placed to assist SMEs and growth companies in accessing capital market
The acquisition is subject to regulatory approvals and customary closing conditions.
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