The parent company to the Bermuda Stock Exchange is buying the International Stock Exchange.

Miami International Holdings, Inc and The International Stock Exchange Group Limited have reached agreement on the terms of a recommended cash offer to be made through MIH’s wholly-owned subsidiary, MIH East Holdings to acquire the entire issued and to be issued ordinary share capital of TISE that is not already owned by MIH East Holdings.

The cash consideration for the acquisition, of £22.50 per TISE ordinary share, values the entire issued and to be issued ordinary share capital of TISE at approximately £70.4 million ($91.5 million), representing approximately £66.4 million ($86.4 million), net of proceeds received from the expected exercise of options subsisting under the TISE share plans.

MIH East Holdings currently owns 29.46 per cent of the issued ordinary share capital in TISE.

Headquartered in Guernsey, TISE provides financial markets and securities services to public and private companies.

Best known as one of Europe’s major professional bond markets, at the end of 2024, TISE reported having over 4,400 securities on its official list with a total market value of more than £750 billion ($975 billion).

“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 CEO of MIH.

“We are committed to growing our international business and believe that investing additional resources in TISE will help expand its reach and capabilities. We look forward to working with the TISE team to develop new relationships with member firms and issuers and collaborate on opportunities for TISE’s future growth.”

“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.”

Anderson Whamond, chair of TISE, commented: “Transformed from a local stock and bond market, today TISE is an established operator of public markets with an enlarged portfolio of financial markets and securities services for both public and private companies.

“The recommended cash acquisition recognises the strength of the business and enables our shareholders to realise the value of their investment. We are excited about the opportunities to collaborate with MIH to expand TISE’s offering across Europe and internationally.”

It is expected that TISE’s board of directors will unanimously recommend the acquisition, which is intended to be effected by means of a court-sanctioned scheme of arrangement under Part VIII of the Companies Law of Guernsey.

The acquisition is subject to the approval of the requisite majority of TISE ordinary shareholders and the satisfaction of other regulatory approvals, among other conditions, further details of which are set out in the announcement released regarding the acquisition.