Shares in Aquis Exchange PLC surged by over 100% on Monday following its agreement to be acquired by Six Group, the Swiss-based exchange operator.
Six Exchange buys Aquis in £225 million deal
The cash offer of 727 pence per share from Zurich's Six Exchange AG values Aquis at £225 million on a fully diluted basis.
This bid represents a 120% premium over Aquis’ closing price of 330p on AIM last Friday. On Monday morning, Aquis’ shares jumped 113%, reaching 702.20p each.
Six Exchange, Switzerland’s primary stock exchange, also trades securities such as Swiss government bonds and derivatives, in addition to providing financial market information and technology solutions.
Founded in 2021, Aquis focuses primarily on growth companies, offering primary listings, secondary equity trading, and global licensing of proprietary technology.
Six described the acquisition as a "compelling" strategic move to enhance its services in Switzerland, Spain, and globally.
"Deal will help Aquis to scale up"
Aquis acknowledged the competitive nature of the European exchange market, which requires continuous investment in technology and distribution. It agreed to the offer after extensive discussions and multiple unsolicited proposals from Six.
In a statement, Aquis noted that the deal would help the company scale up and better execute its strategy of developing innovative capital market solutions.
Aquis CEO Alasdair Haynes stated that the offer "de-risks" future value creation and offers Aquis shareholders "certain value at a substantial premium."
The offer has received unanimous approval from Aquis’ board and support from shareholders representing 51% of the total.
