Atlanta-based Intercontinental Exchange (ICE) has agreed to purchase electronic trading platform TMC Bonds in a cash deal worth $685m. Intercontinental Exchange, the Atlanta-based owner of exchanges and clearing houses, is continuing to push into bond markets with the purchase of a trading venue owned by a group of investment banks. The deal, which is expected to close by the end of this year, will see ICE acquire all outstanding shares and liabilities from TMC, including its subsidiary TMC-Equities LLC, for an undisclosed amount. The acquisition is the latest move by ICE, the owner of the New York Stock Exchange, to expand into bond markets, following its $400m purchase of BondPoint in January, as well as several indices from Bank of America Merrill Lynch last October.
Atlanta-based Intercontinental Exchange (ICE) has agreed to purchase electronic trading platform TMC Bonds in a cash deal worth $685m. The deal, which is expected to close by the end of this year, will see ICE acquire all outstanding shares and liabilities from TMC, including its subsidiary TMC-Equities LLC, for an undisclosed amount. The acquisition is the latest move by ICE, the owner of the New York Stock Exchange, to expand into bond markets, following its $400m purchase of BondPoint in January, as well as several indices from Bank of America Merrill Lynch last October.