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A&O Shearman advises Intercontinental Exchange on USD2 billion investment in Polymarket

A&O Shearman advises Intercontinental Exchange on USD2 billion investment in Polymarket
Published Date
Oct 14 2025
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Image of Cody Wright
Cody WrightPartner, Silicon Valley
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Rory O’HalloranPartner, New York
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Yian HuangPartner, Silicon Valley
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Noah BrumfieldPartner, Washington DC
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Lorenz HaselbergerPartner, New York
Image of Jai Garg
Jai GargPartner, New York
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JB BetkerPartner, New York
Image of David (Dong Hee) Lee
David (Dong Hee) LeeAssociate, Silicon Valley
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Nicholas PutzAssociate, Washington DC

A&O Shearman is advising Intercontinental Exchange, Inc. (NYSE:ICE), the owner of the New York Stock Exchange, on its strategic investment up to USD2bn in Polymarket, a leading prediction market platform. The investment reflects a valuation of approximately USD8bn pre-investment.

Alongside its investment, ICE will become a global distributor of Polymarket’s event-driven data, providing customers with sentiment indicators on topics of market relevance, and bringing prediction markets into the financial mainstream.

The A&O Shearman team is being led by M&A partners Cody Wright and Rory O’Halloran, and includes partners Yian Huang (capital markets), Noah Brumfield (antitrust), Lorenz Haselberger (tax), Jai Garg (employment and compensation), and JB Betker (IP transactions). Associates David (Dong Hee) Lee (capital markets) and Nicholas Putz (antitrust) are supporting on the transaction.

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