Connect with us

Business

MarketAxess Shares Soar Nearly 30% as ICE Agrees to Acquire Bond Trading Platform for $5.7 Billion Cash

Published

on

Earnings News: Micron Technology Inc (NASDAQ: MU)

Shares of MarketAxess Holdings surged 29.79% in Thursday morning trading, climbing $37.45 to $163.18, after Intercontinental Exchange announced a definitive agreement to acquire the electronic fixed-income trading platform in an all-cash deal aimed at expanding ICE’s presence in bond markets.

Under the terms of the agreement, ICE will pay $167 per share in cash for all outstanding shares of MarketAxess, representing a 33% premium over the company’s closing price on July 29, the day before the deal was announced. The transaction values MarketAxess at an equity value of approximately $6.0 billion and a total enterprise value of roughly $5.7 billion, or about 10.6 times MarketAxess’s trailing 12-month earnings before interest, taxes, depreciation and amortization once expected cost synergies from the deal are fully accounted for.

The acquisition brings together two companies with complementary positions in fixed-income markets. ICE, the parent company of the New York Stock Exchange, has spent years building out infrastructure spanning fixed-income data and analytics, a retail bond marketplace, and global index products, while MarketAxess has established itself as a leading electronic trading platform used by institutional investors to buy and sell corporate bonds and other fixed-income securities. ICE said the combined company will offer a unified platform spanning pre-trade price analytics, electronic execution and post-trade compliance tools for fixed-income traders.

ICE Chair and Chief Executive Jeff Sprecher framed the acquisition as addressing longstanding structural inefficiencies in global bond markets. “Together, we will build the fixed-income ecosystem that investors have always deserved — one that is transparent, efficient, fully connected, and accessible to all,” Sprecher said in a statement announcing the deal.

Advertisement

The global bond market represents an enormous but historically fragmented segment of the financial system, with an estimated $145.1 trillion in outstanding debt globally, according to figures cited in the deal announcement. Despite decades of technological progress in other asset classes, fixed-income trading has remained disproportionately manual and conducted through bilateral, negotiated transactions relative to equities and other more electronically traded markets, a dynamic that has historically resulted in lower transparency, wider bid-ask spreads and higher transaction costs for market participants.

The transaction has received unanimous approval from the boards of directors of both companies and is expected to close in the first half of 2027, subject to approval from MarketAxess shareholders, regulatory clearances and other customary closing conditions. ICE plans to finance the acquisition entirely through newly issued debt, including a mix of bonds, a term loan and commercial paper, rather than issuing new equity. The company said its gross leverage is expected to start at 3.4 times earnings following the deal’s completion, with a target of reducing that figure to 3.0 times or below within 18 to 24 months after closing.

Despite taking on additional debt to fund the acquisition, ICE said it plans to increase its baseline quarterly share repurchase program to $400 million from $350 million, a move the company characterized as underscoring its continued commitment to returning capital to shareholders even while integrating the new acquisition. ICE also said it expects the deal to generate approximately $100 million in annual run-rate cost synergies within three years of closing and to be accretive to the company’s adjusted earnings per share during the first full year following the transaction’s completion.

BofA Securities is serving as financial adviser to ICE on the transaction, while J.P. Morgan Securities is advising MarketAxess.

Advertisement

The acquisition announcement came alongside ICE’s second-quarter earnings report, which showed the exchange operator posting higher quarterly profit driven by strong trading activity across its business segments. ICE shares rose 1.7% in premarket trading following the combined news. Net income attributable to ICE totaled $958 million, or $1.69 per share, for the three months ended June 30, up from $851 million, or $1.48 per share, during the same period a year earlier. Revenue in ICE’s exchanges segment, its largest source of revenue, rose 3% to $1.46 billion, while its fixed-income and data services segment, through which the company sells subscription-based pricing data for various debt instruments, posted an 8% increase in revenue. Mortgage technology revenue climbed 5% during the quarter.

Sprecher pointed to broader market volatility as a factor supporting demand for ICE’s core products during the quarter. “Against a backdrop of rapid change in global markets, our customers continued to turn to ICE’s regulated markets, trusted data and mission-critical technology to transfer risk,” Sprecher said.

MarketAxess shares had lost nearly 31% of their value over the course of the year prior to Thursday’s acquisition announcement, leaving the company valued at approximately $4.5 billion as of its last close before the deal was revealed, according to data from LSEG. Thursday’s sharp rally effectively erases a significant portion of that decline, reflecting the substantial premium ICE agreed to pay relative to MarketAxess’s depressed trading levels heading into the announcement.

With the deal now formally announced and awaiting the customary regulatory and shareholder approval process, market participants are expected to watch closely for additional details on integration planning and any potential regulatory scrutiny the transaction may face, given the scale of the combined company’s resulting footprint across both electronic trading infrastructure and data services within global fixed-income markets.

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Unclaimed $1.2 Million Reward in Nancy Guthrie Case Points to a Small Circle of Suspects, Agent Says

Published

on

Savannah Guthrie & Nancy Guthrie
Savannah Guthrie & Nancy Guthrie
Savannah Guthrie & Nancy Guthrie

The fact that more than $1.2 million in combined reward money remains unclaimed nearly six months after the suspected abduction of Nancy Guthrie suggests that whoever was involved likely came from a small, tightly bound group, according to a retired FBI negotiator closely following the case.

Guthrie, the 84-year-old mother of “Today” show co-host Savannah Guthrie, disappeared from her home in Tucson, Arizona’s Catalina Foothills neighborhood on the morning of Feb. 1. Jason Pack, a retired FBI supervisory agent and negotiator who spent 21 years with the bureau, 11 of them as a negotiator, said the untouched reward money speaks directly to the nature of whoever may have been involved. “That tells me the circle who knows is very small, and whoever is in it is bound by something stronger than money: blood, fear, shared exposure,” Pack said. “Those bonds hold. Until they don’t.”

Pack said the psychology behind unclaimed reward money in cases like this is well established. The more people who possess knowledge of a crime, he explained, the more likely it becomes that someone eventually comes forward to claim the payout. With 179 days having passed since Guthrie’s suspected abduction without a single claim on the reward, Pack said that absence itself functions as a meaningful investigative clue rather than a dead end. “Money like that usually pulls somebody loose from almost any group,” Pack told Fox News Digital. “It hasn’t.”

Rather than viewing the lack of a claim as discouraging, Pack said his experience investigating similar cases suggests these situations often eventually break open unexpectedly. “In my experience, a meaningful share of cases like this break sideways,” he said. “Somebody gets arrested for something unrelated and starts talking. A relationship ends badly. Somebody’s conscience finally outruns their fear. Six months is a long time to hold something this heavy, and the people around whoever did this have had six months to notice the change in them.”

Pack also offered an assessment of how the crime itself appears to have unfolded based on publicly known details. At least one suspect is believed to have cased Guthrie’s home in advance of the abduction. Whoever entered the property wore a ski mask, long sleeves and gloves, and deliberately covered the lens of Guthrie’s Nest doorbell camera, which investigators found missing when they arrived at the scene the following day. Pack said the overall pattern of evidence suggests an operation that went wrong quickly and was never adequately planned for that possibility. “When it went wrong, and I believe it went wrong fast, they had no plan for that either,” he said. “Everything since reads to me like improvising around a failure, not professionals executing a plan.”

Advertisement

Guthrie relies on heart medication and has a pacemaker, along with limited mobility, according to details about her health that have been shared publicly since her disappearance. Pack emphasized the human stakes behind the ongoing investigation. “She had dinner with her family on a Saturday night, went home, and never made it to church the next morning,” Pack said. “That’s who we’re talking about. Not a case number. A mother who was supposed to be at church.”

Despite the mistakes Pack believes the suspects made during the crime, he said that does not mean the broader investigation has stalled. Pack offered specific guidance for residents in the neighborhoods surrounding Guthrie’s home who may hold relevant, unreviewed evidence. “Go back and check your own cameras from that time period. Doorbell, security, dashcam,” he said. “A lot of systems archive further back than people realize. If you drove through the area that night, pull your dashcam files.” He added that people who witnessed something suspicious but lack video evidence should still come forward. “And think about the people in your own life. Somebody who left town. Somebody whose behavior turned in February and never turned back,” he said. “You don’t have to be sure. That’s not your job. Sorting it out is [the investigators’ job].”

A source with knowledge of the investigation told Fox News Digital in May that the FBI was incorporating new technology into its ongoing work on the case. Pima County Sheriff Chris Nanos, whose department remains the lead agency on the investigation, reiterated his confidence that the case will ultimately be resolved during a recent interview that aired on “Today.” “We have so much DNA to sort through,” Nanos said. “We have so much, in terms of video evidence, to look at.”

Pack noted that investigators have likely developed significant insight from forensic evidence gathered over the past six months that has not yet been made public. Drawing on his own experience with long-running cases, he said extended timelines do not necessarily signal that a case will remain unsolved. “I’ve watched cases break in month eight, month 14, month 30,” Pack said. “Most every one of those families had stopped believing it was ever coming.”

Advertisement

Authorities continue to ask anyone with information related to Guthrie’s disappearance to contact the FBI directly at 1-800-CALL-FBI. A separate anonymous tip line, reachable at 520-88-CRIME, remains active for residents who wish to provide information that could lead to an arrest in the case while maintaining their anonymity.

Continue Reading

Business

Unions ramp up BHP action

Published

on

Unions ramp up BHP action

Workers at BHP’s Port Hedland operation have voted for two more 24-hour stoppages in the latest escalation of industrial action plaguing the big Australian.

Continue Reading

Business

Dave Kelly, Alannah MacTiernan called as witnesses in Poland, Hedley trial

Published

on

Dave Kelly, Alannah MacTiernan called as witnesses in Poland, Hedley trial

Former ministers Dave Kelly and Alannah MacTiernan have been called as witnesses in the ongoing defamation trial between Greg Poland, former journalists and politician Andrew Hastie.

Continue Reading

Business

Taco Bell sales drop 2% amid cyclospora outbreak, Yum Brands says

Published

on

Taco Bell investigated amid Michigan cyclosporiasis outbreak cases: report

The parent company of Taco Bell released its quarterly earnings report on Thursday and said that Taco Bell sales fell amid the cyclospora outbreak, though there were early signs of recovery in the last week.

Yum Brands – which operates fast-food chains like KFC and Pizza Hut as well as Taco Bell – said the Mexican-style chain’s sales were down 2% quarter to date through July 27.

Advertisement

“Since the U.S. food safety industry issue became front and center only two weeks ago, we saw maximum impact to sales over the weekend of July 18,” Yum Brands CFO Ranjith Roy said on the company’s quarterly earnings call.

“It is early days, but in the subsequent week, sales declines have moderated materially, and we are seeing steady improvement in day-over-day sales trends,” Roy added.

RFK JR SAYS SOURCE OF CYCLOSPORA OUTBREAK IDENTIFIED, DECLARES PARASITE OUTBREAK ‘UNDER CONTROL’

Person holds Taco Bell taco

Taco Bell’s sales dipped following the cyclospora outbreak, but have shown signs of recovery in the last week. (Marvin Joseph/The Washington Post via Getty Images)

Roy went on to say in response to an analyst’s question that “if you take the average sales for the last four days, which includes the weekend and the first two days of this week, we are halfway back to sales levels of the prior year.”

Advertisement

The cyclospora outbreak is under investigation by the Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC), along with state and local partners. It has been linked to iceberg lettuce that was sourced from central Mexico through Taylor Farms de Mexico.

Taylor Farms’ U.S. business initiated a voluntary recall that also included iceberg lettuce sold under the Taylor Fresh Foods and Marketside brands. The company has noted that the FDA hasn’t identified a single positive product test result for cyclospora after a false positive was reported by the agency.

FDA SAYS TAYLOR FARMS CYCLOSPORA LETTUCE TEST WAS A FALSE POSITIVE

Ticker Security Last Change Change %
YUM YUM! BRANDS INC. 157.00 +5.08 +3.34%

Cyclospora cases with exposure to Taco Bell have been reported in nine states, including Illinois, Indiana, Kansas, Kentucky, Michigan, Ohio, Oklahoma, Pennsylvania and West Virginia.

Advertisement

Yum Brands CEO Christopher Turner said that “our top priority is, and always will be, the safety and well-being of our consumers. With respect to the consumer sentiment, though, we’ve seen real improvement as consumers have understood better the nature of the issue and they understand that it is not a Taco Bell-specific issue.”

WEIGHT-LOSS JOKE TURNS SERIOUS AS ‘CYCLOSPORA SKINNY’ TREND FUELS HEALTH WARNINGS

A Taco Bell restaurant.

Taco Bell removed potentially affected lettuce from a supplier after the FDA linked it to a multistate cyclosporiasis outbreak. (Jeffrey Greenberg/Universal Images Group via Getty Images)

Turner added that there’s “been no change in our measures of brand love” and that some of those metrics have seen growth in positivity, while Taco Bell’s share of the conversation around food safety has declined.

“The best proof point is that consumers are coming back to the restaurants on a steady basis. We’ve seen steady improvement in those sales trends,” he said, noting that the chain’s Tuesday release of a Mexican pizza special drove the most transactions and loyalty acquisitions of any Taco Bell Tuesday drop.

Advertisement

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“There is no brand and no team better equipped to drive a recovery in this temporary sales impact than Taco Bell,” he added.

Continue Reading

Business

EBR Q2 2026 slides: commercial momentum builds amid safety review

Published

on

EBR Q2 2026 slides: commercial momentum builds amid safety review


EBR Q2 2026 slides: commercial momentum builds amid safety review

Continue Reading

Business

Migrants pour into Spain’s Ceuta from Morocco, military called in

Published

on


Migrants pour into Spain’s Ceuta from Morocco, military called in

Continue Reading

Business

The AI Capex Paradox, Explained Using Monsters From the Odyssey

Published

on

Ed Ballard hedcut

As lifelong classicists and Christopher Nolan fans know, one of the ordeals that Odysseus and his crew endured on their way home from Troy came when they had to sail their boat between two hazards: the sea-monster Scylla and the whirlpool Charybdis.

It’s really a lot like earnings season. As they prepare to parse the latest results from Microsoft and Meta Platforms, investors also need to keep two perils in mind.

🌀What if these companies spend too much? Alphabet’s earnings last week crystallized this side of the equation. The company raised its capital-expenditure guidance to $200 billion. The shares dipped, reflecting investors’ worry that artificial intelligence won’t generate enough returns to justify that epic spending.

Continue Reading

Business

Publix expands GreenWise frozen berry recall amid E coli outbreak

Published

on

Trader Joe's edges out Publix in grocery store ranking

Publix is recalling all lots of its GreenWise Organic Whole Blueberries and Whole Mixed Berries sold across eight states over concerns they may be contaminated with E. coli, expanding an earlier recall tied to a single lot of frozen blueberries.

The Lakeland, Florida-based grocery chain said Wednesday it is voluntarily recalling all lots of the frozen fruit products “out of an abundance of caution” after public health officials’ trace back and epidemiological investigation linked them to a multistate E. coli O145 outbreak.

Advertisement

The recalled products were distributed to Publix stores in Alabama, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia. 

The company said it implemented an internal stop sale at the end of June, and the products remain unavailable for purchase.

ABOUT 1.5M RECHARGEABLE HAND WARMERS RECALLED AFTER 1 DEATH, HUNDREDS OF BURN INJURIES REPORTED

Package of Publix GreenWise Organic Whole Blueberries recalled over potential E. coli contamination

A package of Publix GreenWise Organic Whole Blueberries is shown. Publix recalled all lots of its GreenWise Organic Whole Blueberries and Whole Mixed Berries over potential E. coli O145 contamination. (FDA / Unknown)

The expanded recall follows a July 3 recall by Chilean supplier Frutas y Hortalizas del Sur S.A. involving a single lot of GreenWise Organic Blueberries. Publix said it broadened the recall to include all lots of GreenWise Organic Whole Blueberries and Whole Mixed Berries based on information gathered during the ongoing public health investigation.

Advertisement

Customers are being urged not to consume the recalled products and should either throw them away or return them to any Publix store for a full refund. The affected products are GreenWise Organic Whole Blueberries in 10-ounce packages (UPC 41415-06453) and 48-ounce packages (UPC 41415-12053), along with GreenWise Organic Whole Mixed Berries in 10-ounce packages (UPC 41415-06753) and 48-ounce packages (UPC 41415-12153).

According to the Food and Drug Administration, Escherichia coli O145:H28 is a Shiga toxin-producing strain of E. coli that can cause severe stomach cramps, diarrhea that may be bloody and vomiting. While most healthy people recover within about a week, some infections can lead to hemolytic uremic syndrome, a potentially serious complication that is more likely to affect young children, older adults and people with weakened immune systems.

POPULAR GROCERY CHAIN RECALLS COOKIES IN 9 STATES AND DC AFTER LABELING ERROR

Package of Publix GreenWise Organic Whole Mixed Berries included in expanded E. coli recall

A package of Publix GreenWise Organic Whole Mixed Berries is shown. The retailer expanded its recall to all lots of the frozen berry products following a public health investigation into a multistate E. coli outbreak. (FDA / Unknown)

FOX Business reached out to Publix for additional comment, including whether any illnesses have been linked to products sold at its stores and what prompted the company to expand the recall to all lots. Publix did not immediately respond.

Advertisement
Publix storefront

The entrance to a Publix Super Market on July 30, 2024 in Miami, Florida. (Joe Raedle/Getty Images / Getty Images)

CLICK HERE TO GET FOX BUSINESS ON THE GO

Customers with questions can contact Publix Customer Care at (800) 242-1227 from 8:30 a.m. to 5 p.m. ET Monday through Friday. Additional information about the outbreak investigation is available through the Centers for Disease Control and Prevention.

Publix, the largest employee-owned company in the U.S., operates more than 1,400 stores across Alabama, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia.

Advertisement
Continue Reading

Business

Grand designs on CBD spaces

Published

on

Grand designs on CBD spaces

Perth’s new city architect is on a mission to communicate the value of design.

Continue Reading

Business

Ocoopa recalls 1.5M hand warmers after 350 burn injuries, death

Published

on

Ocoopa recalls 1.5M hand warmers after 350 burn injuries, death

Ocoopa Direct is recalling about 1.5 million rechargeable hand warmers following hundreds of burn injuries and one reported death.

The lithium-ion batteries in the recalled products can overheat and catch fire, posing a risk of “serious injury or death from fire and burn hazards,” according to a notice Thursday from the U.S. Consumer Product Safety Commission (CPSC).

Advertisement

Ocoopa Direct has received 1,480 reports of the hand warmers overheating, including 15 fires and 350 burn injuries, the CPSC said.

POPULAR GROCERY CHAIN RECALLS COOKIES IN 9 STATES AND DC AFTER LABELING ERROR

Ocoopa rechargeable lithium-ion battery hand warmers are being recalled.x

Ocoopa Direct has received 1,480 reports of the hand warmers overheating, including 15 fires and 350 burn injuries, the CPSC said. (U.S. Consumer Product Safety Commission)

An 83-year-old consumer in San Diego died in February after an incident involving one of the hand warmers, according to the agency.

The recall covers Ocoopa rechargeable hand warmers with model numbers UT3053, UT3056, ZLS-118, ZLS-118S, ZLS-118D, H01 and H01(PD). 

Advertisement

The hand warmers were sold in various colors and designs, according to the CPSC.

BROOKLYN ROASTING COMPANY RECALLS COLD BREW SOLD IN NEW YORK AND NEW JERSEY OVER BOTULISM RISK

Ocoopa rechargeable lithium-ion battery hand warmers are being recalled.

The lithium-ion batteries in the hand warmers can overheat and catch fire, posing a risk of “serious injury or death from fire and burn hazards.” (U.S. Consumer Product Safety Commission)

“The dual-sided, rechargeable hand warmers were sold in varying colors and designs, in packs of two warmers that can magnetically be joined and with a charging cable,” the announcement noted.

The products were sold online through Amazon, Ocoopa and Walmart between September 2018 and May 2026 for $15 to $60.

Advertisement

TARGET, KROGER, MEIJER FRUIT PURÉE POUCHES RECALLED OVER PLASTIC RISK: FDA

Ocoopa rechargeable lithium-ion battery hand warmers are being recalled.

The products were sold online through Amazon, Ocoopa.net and Walmart.com between September 2018 and May 2026 for $15 to $60. (U.S. Consumer Product Safety Commission)

Consumers should stop using the recalled hand warmers immediately and contact OCOOPA Direct for a full refund in the form of an Ocoopa gift card or the original form of payment,” the announcement said.

The CPSC also warned consumers not to throw the recalled products in the trash or place them in regular recycling or battery collection bins.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Advertisement

For more information about the recalled products, visit the CPSC’s website.

FOX Business reached out to Ocoopa Direct for comment.

Continue Reading

Trending

Copyright © 2025