Aquis Exchange to acquire NEX Exchange from CME Group
Aquis Exchange announced that it has agreed to acquire NEX Exchange from CME Group for a cash consideration of GBP1, plus approximately GBP2.7M based on NEX Exchange's current working capital levels. NEX Exchange, the UK based stock market for growth enterprises, is one of only four equities-focused Recognised Investment Exchanges in the UK. It works with 51 registered brokers, 7 market makers and 89 companies currently listed on its two markets with a combined market capitalisation of approximately GBP1.9B. Based on the audited financial accounts for the year ended 31 March 2018, NEX Exchange delivered revenues of GBP1.51M and a loss before tax of GBP2.05M. 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.