A rival to the London Stock Exchange is about to be snapped up by a Swiss competitor in a multi-million-pound deal.
Aquis Exchange, a competitor to the LSE’s junior Alternative Investment Market (AIM), which targets smaller companies, has backed a £207million takeover offer from Zurich-based SIX.
The deal will land healthy paydays for Aquis founder and boss Alasdair Haynes as well as former Barclays banker Rich Ricci, who is a major shareholder.
The deal will land healthy paydays for Aquis founder and boss Alasdair Haynes (right) as well as former Barclays banker Rich Ricci (left), who is a major shareholder
Haynes, who set up Aquis in 2012, will scoop £9.8million for his 4.9 per cent stake in the business and Ricci, who holds 7.8 per cent, will rake in £15.6million.
Ricci is one of the more colourful figures in the City and once described himself as the ‘maddest f****r on the planet’.
The horse racing fanatic was a leading member of the colourful pack of bankers at the top of Barclays in the run-up to the financial crisis.
Since then, he has re-emerged as a City kingpin running one of the Square Mile’s major broking houses Panmure Liberum.
SIX’s offer price of 727p per share is more than double the Aquis closing price last Friday and around 170 per cent higher than its listing price of 269p when it made its market debut in 2018.
The takeover bid has been backed by the company’s board while major shareholders including Ricci, stock trading group XTX Markets and investment manager Schroders have also lent their support.
Overall, investors holding 51 per cent of the shares have supported the offer, meaning it is almost certain to go ahead. Aquis shares rocketed 113.6 per cent, or 375p, to 705p in response.
‘As part of SIX, we have an exciting opportunity to accelerate the development of our business and compete more effectively on the European stage, while retaining our entrepreneurial spirit,’ Haynes said yesterday.
SIX’s global head of exchanges Bjorn Sibbern said that Aquis would continue operating under its own brand and business model under SIX’s ownership.
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