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MINNEAPOLIS GRAIN EXCHANGE AND ITS BUILDING ACQUIRED
Nov. 18, 2020
Minneapolis/St. Paul Business Journal reports:
The Minneapolis Grain Exchange, the nation's last independent agricultural futures exchange, has been acquired in a deal worth $110.5 million that also includes its vintage downtown building.
The Star Tribune reports on the sale to Miami International Holdings, a relatively new operator of financial and commodities that's looking to build heft to take on the biggest players in the field: Chicago's CME Group and Intercontinental Exchange, which owns the New York Stock Exchange.
Miami International is paying $275,000 per membership seat for the Grain Exchange, whose 402 members approved the sale last month. The deal is expected to close in December.
Grain Exchange CEO Mark Bagan tells the paper the sale will give the business more resources and capital, while keeping the exchange's 40-person staff and location. Tom Gallagher, CEO of Miami International, said that the operation would probably add additional people here.
The Grain Exchange, which was founded 139 years ago, still trades several types of grain futures, though it's best known for trading hard red spring wheat. It operated a trading floor in its namesake building in downtown Minneapolis until 2008, when digital trading supplanted it. That space has been since leased out to Fueled Collective, a coworking business.
Gallagher also said he was considering improvements to the building.
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