UNITED STATES: MIH and MGEX Announces the Merger Plan

Monday August 17 2020

On 14^th August 2020, Miami International Holdings (MIH), the parent holding company of the MIAX Exchange Group, and the Minneapolis Grain Exchange (MGEX), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) announced that they have entered into a definitive agreement and plan of merger under which MIH has agreed to acquire MGEX for a combination of cash and MIH common stock following a demutualization of MGEX by its members.

As a result of the acquisition, MGEX will become a wholly owned subsidiary of MIH. MIH will continue to maintain the trading and clearing operations of MGEX, including its hard red spring wheat contract, while adding new futures products.

This transaction is expected to close in late 2020. The Board of Directors of each company unanimously approved the transaction and it is subject to MGEX membership approval and customary closing conditions including certain regulatory approvals.

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