-- TMX Group (X.TO), with key operations that include Toronto Stock Exchange and TSX Venture Exchange, announced Wednesday an agreement to acquire Middlebury Holdings Pty. Limited (Cboe Australia) and Cboe Canada Holdings, ULC (Cboe Canada) from Cboe Global Markets, Inc. for US$300 million in total consideration.
In a statement TMX said the transaction will bolster its ability to serve clients across the capital markets ecosystem, expand the company's global presence, and accelerate the company's growth strategy, while reducing cost and complexity for Canadian market participants.
"We are tremendously excited to announce the acquisition of Cboe Australia and Cboe Canada, a deal that represents a unique opportunity to strengthen our domestic marketplace for clients and the entire stakeholder ecosystem, while expanding the reach and impact of our presence in a region of the world we know well," said John McKenzie, Chief Executive Officer. "We look forward to working with our industry partners to ensure a smooth transition, and to exploring innovative ways to serve the needs of issuers and investors across the Australian market, while continuing to seek out opportunities to accelerate our enterprise growth strategy."
TMX, noting Cboe Australia and Cboe Canada offer equities trading venues, listing venues and market data solutions, said the transaction will create a "global powerhouse" for mining finance and reduce complexity and costs for Canadian market participants.
Shares in TMX were down $0.28 or 0.5% at $53.89 in Canada yesterday.