Aquis Exchange continues to await FCA approval of acquisition of NEX Exchange
Aquis Exchange says the application is progressing and FCA approval is now anticipated to be received in early 2020.
Several months after Aquis Exchange PLC (LON:AQX) announced the agreed acquisition of NEX Exchange Limited, the deal has not yet received the nod of consent of the UK Financial Conduct Authority (FCA). Today, Aquis confirmed that it continues to await FCA approval.
The company explains that the application is progressing and FCA approval is now anticipated to be received in early 2020.
Let’s recall that, in July this year, Aquis unveiled the acquisition of NEX Exchange Limited from CME Group Inc for a cash consideration of £1, plus approximately £2.7 million based on NEX Exchange’s working capital levels at that moment.
Aquis explained that the acquisition is another step its ambition to become the leading exchange services group in Europe and provides a unique opportunity to acquire an RIE business with a focus on primary markets in a cost and time effective manner.
The Board believes that with Aquis’ experience in both building new businesses in the exchange industry and also increasing liquidity, it has the ability to transform NEX Exchange at a time when MiFID II implications and other factors make the industry ripe for innovation. The Board believes that the acquisition provides a unique opportunity to build a pan-European, technology driven, listing exchange for growth companies.
