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ACQUISITIONS | 3 Months Ended
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Mar. 31, 2022
ACQUISITIONS |
ACQUISITIONS | 3. ACQUISITIONS On July 1, 2021, the Company purchased Chi-X Holdings Limited, which was subsequently rebranded to Cboe Asia Pacific. Cboe Asia Pacific is a holding company of alternative market operators and providers of market solutions, which is included in the Company’s Europe and Asia Pacific segment. The acquisition of Cboe Asia Pacific provided the Company with a single point of entry into two key capital markets, Australia and Japan, to help enable it to expand its global equities and market data business into Asia Pacific, bring other products and services to the region, and further expand access to its proprietary product suite in the region. Of the acquisition’s purchase price, $133.6 million was allocated to goodwill, $73.8 million was allocated to intangible assets, $25.7 million was allocated to working capital, and $49.6 million in contingent consideration, which is earned based on developmental milestones of the acquired business. These amounts represent the allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. See below for further discussion of intangible assets acquired. ​ The following table presents the details of intangible assets at the date of acquisition (in millions, except as stated). All acquired intangible assets with finite lives are amortized using the straight-line method.
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cboe Asia Pacific | ​ | Useful Life (Years)
Trading registrations and licenses | ​ | $ | 6.2 | ​ | Indefinite
Customer relationships | ​ | ​ | 60.1 | ​ | 30
Technology | ​ | ​ | 7.5 | ​ | 2
Total identifiable intangible assets | ​ | $ | 73.8 | ​ | ​
​ Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company expensed $2.0 million of acquisition-related costs during the three months ended March 31, 2022, all of which related to professional fees and other expenses. The Company expensed $3.4 million of acquisition-related costs during the three months ended March 31, 2021, which included $2.8 million of professional fees and other expenses and $0.6 million of impairment charges related to investments. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income.

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