London’s Aquis stock market for smaller and faster growing companies has been bought by the Swiss stock exchange SIX in a £225 million deal.
The two companies said that they have reached agreement on a recommended offer for Aquis priced at 727p a share in cash.. That represents a 120% premium to the Aquis closing price on Friday.
Shareholders including former Barclays investment bank boss Richard Ricci have said they will accept the offer.
Zurish based SIX said it expected the acquisition “to strengthen its ability to serve customers in Switzerland, Spain and internationally with its reliable infrastructure services and seamless access to capital markets.”
Aquis was founded in 2012 and has attracted dozens of companies including Arbuthnot Banking and Britain’s oldest brewer Shepherd Neame.
Alasdair Haynes, founder and CEO of Aquis, said: "I am immensely proud of the business we have built over the past 12 years. Since launching as a start-up subscription based exchange in 2012, Aquis has become a diversified multi--product European exchange group that creates and facilitates more efficient markets for a modern economy.
“This has only been possible through continuous technology-led innovation and the tireless efforts of our people. Aquis has a clear path of growth ahead; however, the Aquis Directors recognise there are always some operational, commercial and market risks associated with the timing of future value creation.
“The offer de-risks this future value creation and provides Aquis shareholders with certain value at a material premium. As part of SIX, we have an exciting opportunity to accelerate the development of our business and compete more effectively on the European stage, while retaining our entrepreneurial spirit.
“SIX shares our deep commitment to capital markets innovation and together we will be better placed to assist SMEs and growth companies in accessing capital markets."
