Miami International Holdings (MIH) and The International Stock Exchange Group (TISE) have reached an agreement on a recommended cash offer for MIH – via its wholly-owned subsidiary MIH East Holdings – to acquire TISE.
Thomas Gallagher, MIH
The move will see MIH acquire the entire issued and to be issued ordinary share capital of TISE not already owned by MIH East Holdings.
The cash consideration for the acquisition, namely £22.50 per TISE ordinary share, values the entire issued and to be issued ordinary share capital of TISE at an estimated £70.4 million.
This represents roughly £66.4 million net of proceeds received from the expected exercise of options subsisting under the TISE Share Plans, the firms added.
At present, MIH East Holdings owns 29.46% of the issued ordinary share capital in TISE.
“The acquisition of TISE represents an attractive international expansion opportunity for MIH, allowing us to further execute on our strategy of operating regulated financial markets both in the US and internationally,” said Thomas Gallagher, chairman and chief executive at MIH.
“We are committed to growing our international business and believe that investing additional resources in TISE will help expand its reach and capabilities.”
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Guernsey-headquartered TISE provides financial markets and securities services to public and private companies.
Last year, TISE reported having over 4,400 securities on its official list, amounting to a total market value of over £750 billion.
“This offer is a testament to the significant progress we have made in executing our strategy to grow and diversify the business, as well as an endorsement of Guernsey as a leading international finance centre,” said Anderson Whamond, chair of TISE.
“The recommended cash acquisition recognises the strength of the business and enables our shareholders to realise the value of their investment.”
TISE’s board of directors added that they intend to unanimously recommend the acquisition, which is subject to the approval of the requisite majority of TISE ordinary shareholders, as well as other regulatory approvals.