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London’s challenger inventory market Aquis has accepted a £194m takeover supply from Swiss-based bourse operator SIX Group, in a transfer which can doubtless inflame fears over the well being of the UK’s fairness markets.
In an announcement to the market right now, Aquis mentioned the supply would worth its shares at 727p per share, a 120 per cent premium to Friday’s closing worth of 330p per share.
Directors on the St Paul’s based mostly bourse, which is twin listed by itself Apex market and the London Stock Exchange’s AIM, mentioned the deal would assist present the size wanted to compete towards larger corporations within the European alternate market.
“Under SIX’s ownership, Aquis will be better placed to deliver on its strategy of developing innovative capital market solutions from a position of further scale,” Aquis said.
SIX mentioned the acquisition was a “compelling strategic opportunity” which can complement its technique to “scale the business beyond its home markets”.
“The combination will add Aquis’ strong offering to our traditional primary exchange and data businesses, complementing SIX’s existing growth listing segments,” Bjørn Sibbern, international head of exchanges at SIX, mentioned.
Alasdair Haynes, chief government of Aquis, mentioned he was “immensely proud” of the enterprise which he based in 2012.
Although he mentioned there was a “clear path of growth ahead,” he mentioned “operational, commercial and market risks” may pose a risk to the agency within the brief time period.
“The offer de-risks this future value creation and provides Aquis Shareholders with certain value at a material premium,” he added.
The feedback level to the downturn that has gripped the UK’s fairness markets over the previous two years after a dearth of recent IPOs and heavy outflows from fairness funds.
Aquis has hosted solely two new floats this 12 months whereas 92 corporations exited AIM within the 12 months to October, pushing the whole variety of firms to a 23-year low of 695.
The takeover of one in all London’s inventory markets by a overseas purchaser may also doubtless gasoline concern over a sell-off of listed firms.
In the 12 months to the top of June, 37 AIM-listed firms have been acquired by abroad rivals and personal fairness corporations, greater than double the variety of companies purchased the earlier 12 months.
