The Chicago Stock Exchange (CHX) announced today the entry into a definitive agreement to be acquired by Intercontinental Exchange, Inc. (NYSE: ICE) (“ICE”), a leading operator of global exchanges and clearing houses and provider of data and listings services and parent company of the New York Stock Exchange. ICE will acquire all of the outstanding capital stock of CHX Holdings, Inc., the parent company of CHX, in the transaction.
The transaction has been unanimously approved by the CHX Holdings Board of Directors and is expected to close in 2018, subject to regulatory approvals. Terms of the transaction were not disclosed. CHX will continue to operate as a registered national securities exchange based in Chicago.
“After an in-depth review of strategic alternatives for CHX, we believe this transaction is clearly in the best interests of CHX stockholders and positions the organization well going forward,” said Matthew Frymier, Chairman of the Board of CHX Holdings, Inc.
“We are pleased to enter this agreement with the world’s leading exchange operator,” said John Kerin, CEO & President of CHX. “ICE is a proven innovator in the Exchange space and we are looking forward to joining its family of exchanges.”
CHX will continue to operate its business as usual and anticipates no disruptions. Customers, including the institutional brokerage community, will receive ongoing support.
GCA Advisors, LLC served as financial advisor and Sidley Austin LLP served as legal advisor to CHX on the transaction.
