Intercontinental Exchange to Acquire MarketAxess for $5.7 Billion

Intercontinental Exchange, Inc. (ICE) entered a merger agreement on July 30, 2026, to acquire MarketAxess Holdings Inc. (MKTX) in a deal valued at $5.7 billion.

Deal Structure:

Intercontinental Exchange will acquire all outstanding shares of MarketAxess for $167 per share in cash, representing a premium of 32.82% from the stock’s last close.

Company Profile:

MarketAxess is an electronic fixed-income trading platform that connects institutional investors and broker-dealers to trade corporate bonds, U.S. Treasuries, municipal bonds, emerging market debt, and other fixed-income securities. The company also provides trading automation, market data, pricing, and post-trade services that support the fixed-income trading lifecycle.

Intercontinental Exchange is an operator of financial exchanges, clearing houses, and technology platforms, and the owner of the New York Stock Exchange (NYSE). The company facilitates trading, clearing, and market data services across asset classes, including equities, fixed income, derivatives, and commodities, and also provides fixed-income data and analytics as well as mortgage technology solutions.

Deal Details and Timeline:

The deal is expected to close in the first half of 2027.

J.P. Morgan Securities is serving as financial advisor to MarketAxess, while Weil, Gotshal & Manges is acting as its legal counsel. Intercontinental Exchange has retained BofA Securities as its financial advisor, with Sullivan & Cromwell and Morgan, Lewis & Bockius serving as legal counsel.

Intercontinental Exchange is purchasing MarketAxess at 13.07 times EBITDA.

Deal Metrics:

For a more comprehensive understanding of this M&A deal, please visit the Deal Metrics page:

Deal Metrics for the acquisition of MarketAxess Holdings Inc. (MKTX) by Intercontinental Exchange, Inc. (ICE)

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• A chart detailing the merger’s spread history from announcement to completion or failure.
• Key event timelines as the merger progresses through HSR period expirations, regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And much more information.

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Editor’s Note: Baranjot Kaur contributed to this article