PRINCETON, NEW JERSEY, US and MINNEAPOLIS, MINNESOTA, US — Miami International Holdings (MIH) has completed the acquisition of Minneapolis Grain Exchange (MGEX) for a combination of cash and MIH common stock.
MGEX will continue as a wholly owned subsidiary of MIH.
“We are thrilled to complete this strategic transaction and welcome the MGEX team to MIH,” said Thomas P. Gallagher, chairman and chief executive officer of 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 the United States and historically concentrated on trading in agricultural products, including hard red spring wheat contracts.
“We could not have asked for a better parent holding company to help usher MGEX into our next growth phase,” said Mark G. Bagan, president and CEO of MGEX. “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.”
Bagan will continue his leadership roles for the MIH subsidiary.
“This acquisition was a huge undertaking and was only made possible by the tremendous effort of both companies,” Gallagher said. “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.”