Transaction will create a global powerhouse for mining finance and reduce complexity and costs for Canadian market participants
Acquisition will strengthen TMX’s ability to serve clients across the capital markets ecosystem, expands global presence, accelerates growth strategy
TMX Group Limited (TMX Group) announced 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 ($409 million*) in total consideration, a transaction that will bolster TMX’s 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, TMX Group. “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.”
Cboe Australia and Cboe Canada offer equities trading venues, listing venues and market data solutions. Cboe Australia is an innovative securities exchange offering companies strategic tailored support for public market listings, including ETFs, as well as structured products and warrants, and providing a trading venue for brokers and investors with efficient and cost effective access to local and global investment opportunities. Cboe Australia was also recently granted a license for corporate listings. Cboe Canada includes MATCHNow, NEO-L, NEO-N, and NEO-D, as well as ETF, CDR and corporate listings.
“The teams at Cboe Australia and Cboe Canada have delivered consistent performance and built resilient, high-quality markets,” said Craig Donohue, Chief Executive Officer, Cboe Global Markets. “These businesses are well positioned for their next chapter, and we will work closely with TMX, our local regulators, and our clients to ensure a seamless transition.”
Transaction Highlights
● TMX’s acquisition of Cboe Australia will bring together the world’s leading mining and energy transition financing ecosystems, unlocking potential to innovate for a growing global client base.
● TMX’s acquisition of Cboe Canada enhances the quality of client experience across domestic equities marketplaces:
○ Increasing efficiency of access to capital and liquidity for Canadian issuers, and
○ Reducing direct and indirect costs for participants, while improving execution quality and resiliency.
● Transaction expected to be accretive to adjusted earnings per share within the first 12 months of closing, excluding synergies.
● Revenue growth expected to be in-line with TMX’s long-term financial objectives
● Combined Cboe Canada and Cboe Australia businesses delivered revenue of approximately $87 million in 2025, and adjusted EBITDA of approximately $25 million**.
Further Transaction Details
The purchase of each business is subject to regulatory approvals and customary closing conditions in Australia and Canada. The two components of this acquisition, Cboe Australia and Cboe Canada, are expected to close separately, each after required approvals have been obtained.
Canaccord Genuity and Macquarie Capital are acting as financial advisors to TMX Group. FGS Longview is acting as strategic communications advisor to TMX Group.
*Based on USD/CAD exchange rate of 1.3644 at April 21, 2026. Actual amounts in Canadian dollars are subject to change.
**Based on average AUD/CAD of 0.90 for 2025. Cboe Australia and Canada revenue and EBITDA are compilations of financial information provided to us for the Cboe entities as of December 31, 2025. The Cboe financial information is unaudited and prepared in accordance with IFRS (Cboe Canada) or Australian Accounting Standards (Cboe Australia) for public companies.
Teleconference / Audio Webcast
TMX Group will host a teleconference / audio webcast to discuss the transaction. Time: 8:00 a.m. – 9:00 a.m. ET on Wednesday, April 22, 2026
Participants may access the conference call via the webcast link: https://www.gowebcasting.com/14669.
The audio webcast of the conference call and investor presentation will also be available on TMX Group’s website at www.tmx.com, under Investor Relations.
Alternatively, participants may join the live call by dialing 1-833-752-4317 or 1-647-846-2266.
An audio replay of the conference call will be available at 1-855-669-9658 or 1-412-317-0088, [access code 6830744].
Source: TMX
Cboe Announces Agreement To Sell Cboe Australia And Cboe Canada To TMX Group
Cboe Global Markets, Inc., a leading global markets operator and pioneer in equity derivatives, announced that it has reached a definitive agreement to sell its Canadian and Australian equities exchanges, Cboe Canada and Cboe Australia, to TMX Group Limited (TMX Group), a leading market operator. The aggregate sale price is $300 million USD.
Cboe announced plans in October 2025 to sell its Australian and Canadian equities businesses as part of a strategic realignment to sharpen its strategic focus on core strengths and emerging opportunities aligned with its long-term strategy – positioning the company to lead in a dynamic and evolving global markets landscape.
“We are pleased to reach an agreement to sell these businesses to TMX Group, a longstanding and well-established market operator,” said Craig Donohue, Chief Executive Officer of Cboe Global Markets. “The transaction will bring Cboe Australia and Cboe Canada under new ownership well suited to support their next chapter, while enabling Cboe to reallocate resources and capital towards optimizing our core businesses for further growth and profitability, and pursuing opportunities in new and emerging areas.”
“This transaction marks an important milestone in our strategic realignment, allowing us to sharpen our focus on the growth opportunities that will position Cboe for long-term success,” said Prashant Bhatia, EVP, Head of Enterprise Strategy & Corporate Development at Cboe Global Markets. “As our industry undergoes rapid transformation – driven by expanding retail participation and rising demand for innovative products, the emergence of event and prediction markets, the accelerating adoption of digital assets and tokenization, and the evolution toward 24×7, on‑chain markets with atomic settlement – we see significant opportunity to build on our strengths and accelerate growth by focusing on areas where we can lead and differentiate.”
The transaction is subject to customary closing conditions, including applicable regulatory approvals. The acquisitions of Cboe Australia and Cboe Canada are expected to close separately, each after required approvals have been obtained.
Until the transactions close, Cboe will continue to operate both exchanges as usual. Cboe will work closely with customers, regulators, and other key stakeholders in both jurisdictions to support a smooth and orderly transition. Additionally, Cboe will provide transition services support for a limited time post closing.
Cboe will provide an update regarding the potential financial implications of the transaction during its first quarter earnings call taking place on Friday, May 1, 2026.
Barclays Capital Inc. is acting as financial advisor to Cboe. Sidley Austin LLP; Blake, Cassels & Graydon LLP; and Mallesons are serving as Cboe’s outside legal counsel.
Source: Cboe
