FCA approves NEX Exchange acquisition by Aquis Exchange
Following completion of the acquisition, NEX Exchange will be re-named Aquis Stock Exchange (AQSE).
Aquis Exchange PLC (LON:AQX), the exchange services group that operates pan-European cash equities trading businesses and develops and licenses exchange software to third parties, has just announced that the transaction to acquire NEX Exchange from CME Group Inc. has been approved by the UK Financial Conduct Authority (CA).
The deal, first announced in July 2019, marks another step in Aquis’ ambition to become the leading exchange services group in Europe.
Following completion of the acquisition, which is expected shortly, NEX Exchange will be re-named Aquis Stock Exchange (AQSE) and will enter a consultation period with market participants, regulators and issuers.
Also today, Aquis announces that its Non-Executive Director Glenn Collinson will step down from the Aquis Exchange PLC board and will join the board of AQSE on completion of the deal.
Alasdair Haynes, Chief Executive Officer of Aquis, commented:
“We are delighted that this acquisition has now been approved and we look forward to welcoming NEX Exchange’s staff, customers and other stakeholders to our Group. Since announcing our intention to purchase the business we have been most encouraged by the appetite for change in the industry. We look forward to building Aquis Stock Exchange into the supportive home for quality growth businesses we believe it should become.”
Back in July, Aquis said it agreed to acquire NEX Exchange Limited from CME Group Inc for a cash consideration of £1, plus approximately £2.7 million based on NEX Exchange’s current working capital levels. Aquis explained that this acquisition provides a unique opportunity to acquire an RIE business with a focus on primary markets in a cost and time effective manner.
