The cash-and-stock deal, first announced in August, will make the MGEX futures platform a wholly owned subsidiary of MIH.
“We are thrilled to complete this strategic transaction and welcome the MGEX team to MIH,” MIH Chairman and CEO Thomas P. Gallagher said in a prepared statement. “Our acquisition of MGEX will enable us to diversify MIAX offerings and create new revenue opportunities.”
CEO and President Mark G. Bagan will continue in his role with MGEX, which was established in 1881 and has concentrated on trading in agricultural products.
For MIH, Piper Sandler & Co. and KB Corporate Finance LLC acted as financial advisers; and Gallagher, Briody & Butler and Willikie Farr & Gallagher LLP served as legal counsel. For MGEX, Houlihan Lokey advised; and DLA Piper LLP served as legal counsel.