7Ridge buys electronic exchange AFX

• AFX was advised on the transaction by Broadhaven Capital Partners and Willkie Farr & Gallagher LLP
• 7Ridge was advised by Proskauer Rose LLP
• 7Ridge targets enterprise-facing technologies for trading, capital markets, and investment management in Europe and North America

7Ridge has acquired The American Financial Exchange, an electronic exchange for direct lending and borrowing for American banks and financial institutions. No financial terms were disclosed.

On the deal, Carsten Kengeter, founder of 7Ridge, said in a statement, “We see a great opportunity to deliver on the full potential of the infrastructure that AFX has built and the groundwork it has laid over the years. There is an ever-increasing demand for credit-sensitive rates, especially in the current macroeconomic environment. We look forward to working with the AFX team and members to make this exciting vision a reality.”

AFX was advised on the transaction by Broadhaven Capital Partners and Willkie Farr & Gallagher LLP. 7Ridge was advised by Proskauer Rose LLP.

AFX launched in 2015.

7Ridge targets enterprise-facing technologies for trading, capital markets, and investment management in Europe and North America.