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BFD Expert Voices - Private Credit

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Intercontinental Exchange, parent company of the New York Stock Exchange, on Thursday agreed to buy MarketAxess for $6 billion in cash.

Why it matters: This adds institutional bond trading to ICE's data-heavy fixed-income business.

The big picture: MarketAxess would give ICE commission revenue and direct relationships with institutional bond investors and dealers.

Zoom in: ICE is using M&A to own more of an asset class' data, workflow and market infrastructure.

Its $11.8 billion acquisition of Black Knight added mortgage-servicing software and property data.

Its recent minority investments in Polymarket and OKX also extend ICE's reach into prediction markets, crypto and tokenized assets.

By the numbers: ICE will pay $167 per MarketAxess share, a 33% premium to Wednesday's closing price, with the purchase to be financed with new debt.

ICE expects $100 million in annual run-rate expense synergies within three years and says the deal should add to adjusted EPS in its first full year post-closing.

ICE's fixed-income and data services business generated $645 million in second-quarter revenue, but just $31 million came from execution.

MarketAxess reported $186.9 million in commission revenue, plus a record $31.5 million from information, post-trade and technology services.

Between the lines: In a research note, Piper Sandler analyst Patrick Moley notes MarketAxess shares have fallen roughly 80% from their all-time high, and ICE had consistently surfaced in investor conversations as a logical buyer.

He calculates the price at roughly 10.6x trailing EBITDA after synergies, noting the combination pairs MarketAxess' institutional network with ICE's more retail-heavy fixed-income business.

Moley also argues that the added transaction revenue could boost ICE's valuation by reducing its exposure to AI-related data risks.

Reality check: ICE still has to get the deal through regulators. The Black Knight acquisition faced an FTC challenge and required divestitures.

What's next: The transaction is expected to close in the first half of 2027, subject to shareholder and regulatory approvals.

ICE to buy MarketAxess for $6B in bond-trading push

The deal follows ICE's $11.8B acquisition of Black Knight.

Illustration of an upward market trend line with a price tag.

Intercontinental Exchange, parent company of the New York Stock Exchange, on Thursday agreed to buy MarketAxess for $6 billion in cash.Why it matters: This adds institutional bond trading to ICE&#x27;s data-heavy fixed-income business.

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ICE to buy MarketAxess for $6B in bond-trading push

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