The NYSE parent company will acquire all outstanding MarketAxess shares for $167 in cash.
Intercontinental Exchange will acquire MarketAxess in a $5.7 billion all-cash transaction, a deal that would strengthen its position in the electronic fixed-income markets as trading activity in bonds continues to expand.
Under the agreement, ICE will pay $167 per MarketAxess share, a 33% premium to the company’s prior closing price.
The acquisition will combine MarketAxess’ electronic bond trading platform with ICE’s pricing, analytics and market infrastructure businesses to create an integrated platform spanning trade execution, market data and compliance.
The transaction is expected to close during the first half of 2027 and will be funded through debt financing.
ICE reports $2.7 billion in second-quarter revenue
ICE reported solid second-quarter 2026 financial results, with adjusted earnings per share of $1.9 on $2.67 billion in net revenue, reflecting growth across its exchanges, fixed income and mortgage technology operations.
GAAP net income attributable to ICE was $958 million, or $1.69 per diluted share, while adjusted net income reached $1.1 billion. Adjusted operating income totaled $1.6 billion, producing a 61% adjusted operating margin. During the quarter, recurring revenue increased 8% to $1.35 billion, while transaction revenue edged 2% higher to $1.31 billion.
The company returned $945 million to shareholders through dividends and share repurchases, including $651 million in buybacks, as management emphasized continued capital discipline alongside investment in strategic growth. ICE’s exchanges segment generated $1.46 billion in revenue and maintained an industry-leading 75% adjusted operating margin.
