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Miami International Holdings Completes Acquisition of Minneapolis Grain Exchange


Posted: 7th December 2020 09:37

Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Exchange Group™, and the Minneapolis Grain Exchange (MGEX), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today announced the completion of MIH's previously announced acquisition of MGEX for a combination of cash and MIH common stock. MGEX will continue as a wholly owned subsidiary of MIH.

With this acquisition, MIH adds a well-established futures platform on which to continue its expansion and which will allow MIH to list both options and futures on new products that will be exclusive to its exchanges.

Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH, said, "We are thrilled to complete this strategic transaction and welcome the MGEX team to MIH. Our acquisition of MGEX will enable us to diversify MIAX offerings and create new revenue opportunities. We are excited to pursue the many initiatives that we have planned for the MIAX Exchange Group and MGEX. This is a great day in the history of both MIH and MGEX."

MGEX, established in 1881, is one of the oldest trading venues in America and historically concentrated on trading in agricultural products, including hard red spring wheat contracts. Current MGEX President and Chief Executive Officer Mark G. Bagan will continue in this role for the new MIH subsidiary.

Mr. Bagan commented, "We could not have asked for a better parent holding company to help usher MGEX into our next growth phase. The resources with which MIH will provide us will be invaluable to further strengthening our product offerings and bringing innovation to the futures market. The MGEX team is excited to be joining MIH and looks forward to adding to MIH's expansion into the futures sector and its bottom line."

Added Mr. Gallagher, "This acquisition was a huge undertaking and was only made possible by the tremendous effort of both companies. I would like to thank the employees of MIH and MGEX for their focus and hard work throughout the entire process, the Boards of Directors of both companies for fully supporting this transaction, and the guidance and assistance received from our financial advisors and legal counsel. I would also like to thank all of the CFTC Commissioners for their vote of confidence in this acquisition."

Richard Herr and Alex Timmons of Piper Sandler & Co. and Mark Massad and Mark Thielmann of KB Corporate Finance LLC acted as financial advisors to MIH; Jonathan Grischuk and William Quirk of Gallagher, Briody & Butler and James Burns and Laura Delanoy of Willkie Farr & Gallagher LLP served as legal counsel to MIH. MGEX was advised by Houlihan Lokey, led by Robert G. Rosenberg and Gagan Sawhney; DLA Piper LLP, led by Peter Ekberg and Mary Sennes, served as legal counsel to MGEX.

For further information regarding the MIAX Exchange Group, please visit MIAXOptions.com or contact MIAX Trading Operations at TradingOperations@MIAXOptions.com.


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