ICE to buy MarketAxess for $5.7 billion

Intercontinental Exchange has agreed to acquire MarketAxess for about $5.7 billion, offering $167 in cash per share. The per-share price represents a 33% premium to MarketAxess’s closing price on July 29, 2026. The companies expect the transaction to close in the first half of 2027, subject to shareholder and regulatory approval.

Under the definitive agreement, NYSE owner Intercontinental Exchange will combine MarketAxess’s electronic trading network with ICE’s retail bond business and data infrastructure. The purchase is structured as a cash deal at the stated per-share price and remains conditional on customary approvals before completion in H1 2027.

MarketAxess connects about 2,100 institutional investors and broker-dealers across more than 90 countries. Its platform handles electronic trading in corporate bonds, municipal bonds, emerging market debt, Eurobonds, U.S. Treasuries and other fixed income instruments.

ICE cited the size and fragmentation of the global bond market — estimated at $145.1 trillion in outstanding debt — as part of the rationale for the acquisition.

The companies said the combined business will bring MarketAxess’s institutional trading network and data together with ICE’s retail bond franchise, pricing services, reference data and index business. They expect the integration to expand liquidity, improve pre-trade analytics and price discovery, add trading protocols and create a more seamless end-to-end workflow for fixed income participants.

MarketAxess’s trading data and analytics will be merged with ICE’s fixed income pricing and reference capabilities. The firms said the combined datasets would support broader pricing and market information across more instruments and client types.

Jeff Sprecher, chair and chief executive of Intercontinental Exchange, described the plan as: “Together, we will build the fixed income ecosystem that investors have always deserved – one that is transparent, efficient, fully connected, and accessible to all.” Neither company provided a detailed integration timeline or specific estimates for cost or revenue synergies.

The agreement requires MarketAxess shareholder approval and regulatory review. The companies did not set a date for a shareholder vote or identify which regulators will examine the transaction.