Singapore Exchange Limited (SGX:S68) agreed to acquire MaxxTrader from FlexTrade Systems, Inc. for approximately $160 million on July 22, 2021. As part of consideration, Singapore Exchange Limited will pay approximately $125 million in cash which is subject to certain adjustments and will be funded by external borrowings and aggregate amount of up to $35 million may be paid to the FlexTrade Systems in calendar years 2021 and 2022 if certain revenue targets are met by MaxxTrader. Singapore Exchange assumes MaxxTrader acquisition is financed solely by debt, Gross Debt to EBITDA increases is financed solely by debt, Gross Debt to EBITDA increases ~1.1x. The transaction is expected to be completed by December 2021. As of August 5, 2021, the transaction is expected to close in second quarter of financial year 2022. The acquisition will be accretive to adjusted earnings per share from the first year and accretive to SGX's adjusted earnings from FY2022. Paul Pincus, and Partners Richard Ortoli and Aldo Panunzio of Ortoli Rosenstadt LLP acted as legal advisors to FlexTrade Systems, Inc.

Singapore Exchange Limited (SGX:S68) completed the acquisition of MaxxTrader from FlexTrade Systems, Inc. on January 8, 2022.