London’s challenger stock market Aquis has agreed a takeover by Switzerland-based exchange SIX in a deal worth £194 million.
Aquis Stock Exchange, which is for smaller and fast-growing businesses to access capital markets, said the acquisition will help it to expand in Europe.
Under the offer, SIX Exchange Group will pay 727p per Aquis share, which represents a 120% premium to its share price when markets closed on Friday.
Aquis was founded in 2012 and its stock market now lists companies including brewers Adnams and Shepherd Neame, horseracing firm Newbury Racecourse, and Arbuthnot Banking Group.
The company also offers trading products and has a technology arm focused on financial markets infrastructure.
Aquis is based in London but also has an office in Paris, with nearly 90 staff in total.
SIX, an international group which also owns the Spanish stock exchanges, said it hopes to use Aquis’s infrastructure services to better serve customers in Switzerland and Spain, and also benefit from growth opportunities in Europe.
Alasdair Haynes, founder and chief executive of Aquis, said: “I am immensely proud of the business we have built over the past 12 years.
“As part of SIX, we have an exciting opportunity to accelerate the development of our business and compete more effectively on the European stage, while retaining our entrepreneurial spirit.
“SIX shares our deep commitment to capital markets innovation and together we will be better placed to assist SMEs and growth companies in accessing capital markets.”
Russ Mould, investment director at AJ Bell, said: “Could AIM have a more substantial rival after Swiss bourse operator SIX’s acquisition of Aquis?
“Possibly, although the UK operator of the rival exchange for junior companies appears to have been snapped up more for its market infrastructure and technology.”
AIM is a sub-market of the London Stock Exchange also focused on small and medium-sized growth companies.