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Cboe Global Markets to Acquire Block Trading ATS BIDS Trading to Diversify US Equities Offering
Tuesday 20 October 2020

Chicago, US-based market operator and trading solutions provider Cboe Global Markets, Inc. (Cboe: CBOE) has entered into a definitive agreement to acquire US-based broker-dealer BIDS Trading, the operator of the block-trading ATS BIDS Alternative Trading System, the company said.

The transaction, which Cboe plans to fund with debt, is expected to close in early 2021, subject to regulatory review and other customary closing conditions.

Terms of the deal were not disclosed.

The planned acquisition of BIDS Trading will provide an opportunity for Cboe to diversify its US equities offering beyond traditional exchange products and services.

BIDS Trading's block trading capability will provide Cboe with a foothold in the off-exchange segment of the US equities market, which now accounts for more than 40% of overall US equities trading volume.

Cboe expects to maintain the BIDS ATS as an independently managed and operated trading venue, separate from and not integrated with the Cboe US securities exchanges.

Legal advisors to Cboe Global Markets on the transaction are Davis Polk and Wardwell LLP and WilmerHale, and financial advisors are Goldman Sachs and Co. LLC and Centerview Partners LLC. Legal advisor to BIDS Trading is Morgan, Lewis and Bockius LLP, with Broadhaven Securities, LLC serving as financial advisor.
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Date Published: 20/10/2020

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