Intercontinental Exchange (Intercontinental Exchange) agreed to acquire MarketAxess, an electronic trading platform for fixed-income markets, for $6 billion in cash. The offer price is $167 a share, representing a 33% premium over MarketAxess’s closing price on Wednesday. MarketAxess shares were halted pre-market on Thursday at $125.72.

MarketAxess enables electronic trading in corporate bonds, municipal bonds, emerging market debt, Eurobonds and U.S. Treasuries. Its platform serves roughly 2,100 institutional investors and broker-dealers. ICE provides an established bond trading platform with data and global indexes. By adding MarketAxess, ICE said it will serve every segment of the fixed-income market within a single ecosystem. The combined entity will leverage ICE’s global infrastructure and MarketAxess’s electronic trading technology to enhance liquidity and pricing transparency for investors worldwide.

The deal has been unanimously approved by both companies’ boards and is expected to close in the first half of 2027. Subject to customary closing conditions and regulatory clearances, the transaction is anticipated to be completed by mid-2027.