MIH Completes Acquisition of The International Stock Exchange
Miami International Holdings, Inc. (MIH) is thrilled to announce the successful acquisition of The International Stock Exchange Group Limited (TISE) through its subsidiary, MIH East Holdings, Limited. This strategic move is part of MIH's robust growth strategy aimed at expanding its international footprint.
Details of the Acquisition
The acquisition becomes effective through a Court-sanctioned scheme of arrangement. The cash consideration stands at £22.50 per ordinary share of TISE, valuing the exchange at approximately £70.4 million, which translates to around $91.5 million.
Comments from Leadership
Thomas P. Gallagher, Chairman and CEO of MIH, expressed his enthusiasm about this acquisition, stating, "MIH's acquisition of TISE represents a key milestone in advancing our international growth strategy. I am deeply grateful to the TISE Board for their unwavering support during this process, particularly to Anderson Whamond for his invaluable guidance in finalizing the transaction. I look forward to our collaboration during the transition phase."
TISE's Role and Contributions
TISE plays a crucial role in providing financial services for both public and private companies. Situated as one of Europe's leading bond markets, TISE’s Qualified Investor Bond Market (QIBM) offers an important venue for listing high yield bonds and various structured finance products. The market encompasses a wide range of investments, including UK Real Estate Investment Trusts (REITs) and investment funds, showcasing the vast diversity of its offerings.
Future Growth and Collaboration
Cees Vermaas, CEO of TISE, remarked on the exciting potential that comes with MIH's backing, saying, "The acquisition of TISE signifies enormous growth potential. We aim to work closely with MIH to reinforce TISE's position as a prominent European listing venue. With MIH's strategic support, we anticipate accelerating our growth ambitions and expanding our service offerings for the benefit of our stakeholders."
MIH's Expansion in Guernsey
Mr. Gallagher elaborated further, highlighting the advantages MIH expects from establishing a presence in Guernsey. He believes that TISE's established reputation and strong foundation provide MIH with significant opportunities, particularly in enhancing offerings and expanding globally through investments in technology and operational improvements.
Legal and Financial Support
The acquisition was supported by a range of legal and financial advisors. Reed Smith LLP served as English legal counsel to MIH, whereas Mourant Ozannes LLP provided counsel in Guernsey. The financial advisory roles were filled by Zeus Capital Limited for MIH and Investec Bank plc for TISE.
About Miami International Holdings, Inc.
Miami International Holdings, Inc. is the parent company of various financial entities, including the MIAX exchanges—MIAX, MIAX Pearl, MIAX Emerald, and MIAX Sapphire. These exchanges are known for their state-of-the-art technology, which caters to the high-volume needs of the U.S. options trading industry. MIH also operates MIAX Futures, focusing on various products and guaranteeing regulatory compliance with CFTC.
About MIH East Holdings
MIH East Holdings, Limited is a private limited company in England and Wales, created as a wholly-owned subsidiary of Miami International Holdings, Inc. This company was established to manage and operate the acquisition of TISE effectively.
Frequently Asked Questions
What is the significance of MIH's acquisition of TISE?
The acquisition marks a vital step in MIH's strategy to enhance its international presence and expand its service offerings in the financial market.
How does TISE contribute to the European financial market?
TISE is recognized for its professional bond market and provides crucial services to public and private companies, making it a significant player in the European financial sector.
Who were the advisors for this acquisition?
Legal and financial support came from firms like Reed Smith LLP, Mourant Ozannes, Zeus Capital Limited, and Investec Bank plc, assisting MIH and TISE throughout the process.
What opportunities does MIH see with TISE?
MIH aims to leverage TISE's strong foundation to enhance its offerings, expand its global reach, and accelerate growth through investment in technology and operations.
What is MIH's overall business focus?
MIH focuses on operating various national securities exchanges, offering trading in various asset classes with advanced technological solutions to meet market needs.
