Intercontinental Exchange to Buy MarketAxess in $5.7 Billion Cash Deal
The acquisition combines two complementary platforms to create an integrated fixed income ecosystem spanning execution, data, and analytics.
Intercontinental Exchange, Inc. (ICE) agreed to acquire MarketAxess Holdings Inc. (MKTX) in an all-cash transaction with a total enterprise value of approximately $5.7 billion.
Under the terms of the agreement, ICE will pay $167 per share in cash. This price represents a 33% premium to the closing price of MarketAxess as of July 29, 2026. The deal implies an equity value of approximately $6.0 billion.
The combination will bring together two complementary businesses to form a more connected fixed income platform. “Together, we will build the fixed income ecosystem that investors have always deserved—one that is transparent, efficient, fully connected, and accessible to all,” said Jeff Sprecher, ICE Chair and Chief Executive Officer.
MarketAxess operates an electronic trading platform for global institutional fixed income markets, connecting approximately 2,100 institutional investors and broker-dealers across more than 90 countries. The platform enables electronic trading in U.S. Treasuries, corporate and municipal bonds, Eurobonds, and emerging market debt. ICE intends to integrate these institutional capabilities with its own retail bond trading franchise and global index business.
ICE will finance the acquisition through newly issued debt, including a mix of commercial paper, term loans, and bonds. Despite the acquisition, the company reaffirmed its plans for ongoing share repurchases and increased its baseline quarterly buyback target to $400 million from $350 million.
The transaction is expected to be accretive to ICE's adjusted earnings per share in the first full year following the close. The company also expects to realize $100 million in annual run-rate expense synergies within three years.
The deal is subject to customary closing conditions, applicable regulatory clearances, and approval from MarketAxess stockholders. The companies expect the transaction to close in the first half of 2027.