Intercontinental Exchange (ICE) has agreed to acquire TMC Bonds, a premier fixed income marketplace, in a cash deal valued at $685m.
TMC, founded in 2000, supports trading of various asset classes including municipals, corporates, treasuries, agencies and certificates of deposit.
The deal is expected to be completed in the second half of this year, subject to regulatory and anti-trust nod.
ICE expects its 2018 financial results to remain materially unaffected by the transaction.
ICE president Benjamin Jackson said: “TMC Bonds will offer a new and complementary access point to liquidity for our customers and expand our portfolio of diverse solutions in the global fixed income markets across analytics, execution and post-trade.
“As the fixed income markets continue to automate and migrate to electronic trading, ICE’s trading and data infrastructure offer customers more choices to access liquidity, conduct price discovery and manage risk in more efficient ways.”
ICE has been on an acquisition spree in the recent times. In January 2018, the exchange operator acquired Virtu BondPoint, a provider of electronic fixed income trading solutions, for $400m.
In October 2017, ICE snapped up Bank of America Merrill Lynch Global Research division’s fixed income index platform.
