UNITED KINGDOM: Aquis Exchange Acquires NEX Exchange

Monday July 8 2019

On 5^th July 2019, the Aquis Exchange PLC announced that it has agreed to acquire NEX Exchange Limited (“NEX Exchange”) from CME Group Inc. (the “Acquisition”) for a cash consideration of £1, plus approximately £2.7 million based on NEX Exchange’s current working capital levels.

This Acquisition is another step in Aquis 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.

Underpinned by the Group’s proven technology and a track record of transparency and innovation, 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.

Based on the audited financial accounts for the year ended 31 March 2018, NEX Exchange delivered revenues of £1.51m and a loss before tax of £2.05m. The Company believes that significant cost savings can be delivered in the short term, significantly reducing the loss in the initial period following the Acquisition.

Completion of the Acquisition is expected this autumn, subject to FCA approval. The Company will update the market upon receipt of FCA approval and completion.

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