Miami International Holdings Completes Acquisition of International Stock Exchange Group

Miami International Holdings Acquires The International Stock Exchange Group Limited



In a significant development for the financial sector, Miami International Holdings, Inc. (MIH) has officially announced the completion of its acquisition of The International Stock Exchange Group Limited (TISE). This acquisition was executed through MIH's wholly-owned subsidiary, MIH East Holdings, Limited, following a court-sanctioned scheme of arrangement under Part VIII of the Companies Law of Guernsey.

The agreement, valued at approximately £70.4 million (around $91.5 million), offers a cash consideration of £22.50 per ordinary share of TISE. This deal underscores MIH's commitment to advancing its international growth strategy, a move that has gathered support from the TISE Board of Directors throughout the process.

Thomas P. Gallagher, Chairman and CEO of MIH, expressed gratitude towards the TISE board, specifically acknowledging Anderson Whamond for his invaluable guidance during the transition. Gallagher stated, "MIH's acquisition of TISE represents a key milestone in advancing our international growth strategy. We are excited to establish a presence in Guernsey and believe that TISE's strong reputation and solid business foundation provide MIH with significant opportunities to enhance our offerings and expand our international footprint."

Headquartered in Guernsey, TISE is recognized for providing a range of financial markets and securities services tailored to both public and private companies. As one of Europe's largest professional bond markets, TISE is notable for its Qualified Investor Bond Market (QIBM) that facilitates high yield bonds, structured finance products, and securitization transactions. The exchange also boasts a diverse list of investment funds, UK Real Estate Investment Trusts (REITs), and a sustainable finance segment known as TISE Sustainable.

As of the end of 2024, TISE reported an impressive total of 4,400 securities on its Official List, with a market valuation exceeding £750 billion (around $975 billion). This breadth of offerings positions TISE as a pivotal player within the European financial market landscape.

Cees Vermaas, CEO of TISE, reflected positively on the acquisition, stating, "The acquisition of TISE by MIH signifies the growth of our business, and we look forward to collaborating with the MIH team to strengthen TISE's position as a leading European listing venue. With MIH's endorsement of our strategy, we are well-positioned to accelerate our growth ambitions, broaden our service offerings, and deliver greater value to our stakeholders."

In addition, Gallagher highlighted the mutual benefits of the acquisition, emphasizing MIH's strategic intention to invest in TISE's technology and operational processes, which are crucial for both enhancing service delivery and expanding market reach.

Legal advisors played an essential role in facilitating the acquisition, with Reed Smith LLP serving as MIH's legal counsel while Mourant Ozannes (Guernsey) LLP provided guidance under Guernsey law. For TISE, Ashurst LLP and Walkers (Guernsey) LLP were designated as legal advisors, ensuring the transaction adhered to all statutory requirements. Financial advice was provided to MIH by Zeus Capital Limited and to TISE by Investec Bank plc.

Miami International Holdings, known for its innovative approach in financial markets, operates several exchanges including Miami International Securities Exchange, MIAX PEARL, MIAX Emerald, and MIAX Futures. This acquisition is poised to bolster MIH's capabilities, creating more opportunities for businesses and investors alike.

As Miami International Holdings integrates TISE into its portfolio, stakeholders and market participants will be keenly observing the effects on service offerings and operational efficiencies in the near future.

Topics Financial Services & Investing)

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