Earnings call briefSecond-quarter 2026
Intercontinental Exchange agrees to buy MarketAxess for $167 per share
Intercontinental Exchange expects to close the deal in the first half of 2027, subject to regulatory approvals and customary closing conditions.
GetSignal Intercontinental Exchange ICE
Chief Financial Officer Warren Gardiner said on the second-quarter call that the deal will be financed entirely in cash through newly issued bonds, a term loan and commercial paper.
The company said it expects approximately $100 million of annualized expense synergies from the deal, with the full run rate achieved by year 3. It also said gross leverage is expected to peak temporarily around 3.4x pro forma EBITDA.
Quotes from the call
“We expect the transaction to close in the first half of 2027, subject to regulatory approvals and customary closing conditions.”
Key facts from the call
- Price per MarketAxess share
- $167
- Expected close
- First half of 2027, subject to regulatory approvals and customary closing conditions
- Financing
- Entirely in cash, through newly issued bonds, a term loan and commercial paper
Source: Intercontinental Exchange's second-quarter 2026 earnings call, July 30, 2026.
Written by GetSignal with AI from the company's earnings call.
Not investment advice.
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