Britain's Financial Conduct Authority (FCA) has approved Aquis Exchange's £2.7 million takeover of the UK growth stocks platform NEX Exchange from CME Group. The shareholders gave the green light for the deal last year, which was one of the latest developments in a string of takeovers, failed acquisitions, and bidding wars among global exchanges.

Aquis said the takeover helps the firm acquire IPO business and says it sees the potential to build a pan-European, technology-focused listing exchange for growth companies.

The UK trading venue, founded by City veteran Alasdair Haynes expects strong revenue growth in the core business in 2020, albeit at a slower rate than the previous year. It added that growth would be further supplemented by the acquisition of Nex Exchange.

NEX Exchange is one of only four equities-focused Recognised Investment Exchanges (RIEs) in the UK. It competes with the likes of AIM, the bigger growth market run by the London Stock Exchange, and currently works with 51 registered brokers alongside seven Market Makers . The Trading Platform has 89 companies currently listed on its two markets with a combined market capitalization of £2.0 billion.

CME Group rejected a better offer for NEX exchange

"We are delighted that this acquisition has now been approved and we look forward to welcoming NEX Exchange's staff, customers and other stakeholders to our Group. Since announcing our intention to purchase the business we have been most encouraged by the appetite for change in the industry. We look forward to building Aquis Stock Exchange into the supportive home for quality growth businesses we believe it should become," said Aquis CEO Alasdair Haynes.

The FCA gave its regulatory approval for the acquisition that was first announced in July 2019, clearing the way for the final stages of the deal.

Earlier in 2019, CME Group rejected Oliver Hemsley's bid to acquire a majority stake in Nex Exchange, which at this time evaluated the platform at nearly £20 million.

In 2018, the futures trading giant acquired Michael Spencer's NEX Group for £3.9 billion in a transatlantic deal that created a trading venue giant spanning futures to FX and treasuries.

Britain's Financial Conduct Authority (FCA) has approved Aquis Exchange's £2.7 million takeover of the UK growth stocks platform NEX Exchange from CME Group. The shareholders gave the green light for the deal last year, which was one of the latest developments in a string of takeovers, failed acquisitions, and bidding wars among global exchanges.

Aquis said the takeover helps the firm acquire IPO business and says it sees the potential to build a pan-European, technology-focused listing exchange for growth companies.

The UK trading venue, founded by City veteran Alasdair Haynes expects strong revenue growth in the core business in 2020, albeit at a slower rate than the previous year. It added that growth would be further supplemented by the acquisition of Nex Exchange.

NEX Exchange is one of only four equities-focused Recognised Investment Exchanges (RIEs) in the UK. It competes with the likes of AIM, the bigger growth market run by the London Stock Exchange, and currently works with 51 registered brokers alongside seven Market Makers . The Trading Platform has 89 companies currently listed on its two markets with a combined market capitalization of £2.0 billion.

CME Group rejected a better offer for NEX exchange

"We are delighted that this acquisition has now been approved and we look forward to welcoming NEX Exchange's staff, customers and other stakeholders to our Group. Since announcing our intention to purchase the business we have been most encouraged by the appetite for change in the industry. We look forward to building Aquis Stock Exchange into the supportive home for quality growth businesses we believe it should become," said Aquis CEO Alasdair Haynes.

The FCA gave its regulatory approval for the acquisition that was first announced in July 2019, clearing the way for the final stages of the deal.

Earlier in 2019, CME Group rejected Oliver Hemsley's bid to acquire a majority stake in Nex Exchange, which at this time evaluated the platform at nearly £20 million.

In 2018, the futures trading giant acquired Michael Spencer's NEX Group for £3.9 billion in a transatlantic deal that created a trading venue giant spanning futures to FX and treasuries.