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Intercontinental Exchange acquiring fixed income marketplace TMC Bonds for $685M

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Intercontinental Exchange acquiring fixed income marketplace TMC Bonds for $685M

Intercontinental Exchange Inc. has agreed to acquire TMC Bonds LLC, a significant municipal bond and fixed income trading venue, for $685 million in cash.

New York-based TMC Bonds supports anonymous trading across multiple protocols, including click-to-trade and request-for-quote in asset classes including municipals, corporates, Treasurys, agencies and certificates of deposit. TMC is privately held and backed by a consortium of owners that include Bank of America Merrill Lynch, Citigroup Global Markets Holdings Inc., Morgan Stanley and Assured Guaranty Ltd.

The transaction is subject to regulatory and antitrust approvals and is expected to close in the second half of 2018.

Intercontinental Exchange said the deal is not expected to materially impact its 2018 financial results or capital returns. Upon closing, TMC will operate alongside ICE's fixed income trading and data solutions.

Bank of America Merrill Lynch and Citi served as financial advisers to ICE, and Shearman & Sterling LLP and Morgan Lewis & Bockius LLP acted as its legal advisers. Broadhaven Capital Partners LLC acted as TMC's financial adviser, and WilmerHale served as its legal adviser.