Canadian Securities Exchange parent seals buyout of National Stock Exchange of Australia
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The news: The parent company of the Canadian Securities Exchange (CSE) has completed its acquisition of the National Stock Exchange of Australia (NSXA).
The numbers: CSE's parent company CNSX Global Markets will pay 4 cents cash per share to CSE's current parent, NSX Limited.
NSX shareholders overwhelmingly supported the buyout, with 94.78% of votes in favour.
The context: CNSX said it is taking "immediate steps" to strengthen the NSXA's competition position in Australia, aiming to build a "dynamic exchange alternative", tailored to the needs of early-stage companies in Australia and abroad.
These include:
- Evaluating options for new technology to upgrade the NSXA’s existing tech stack;
- Building out the NSXA team to broaden operational capabilities across all business lines, including trading, market data and new listings; and
- The anticipated near-term appointment of CSE chief executive Richard Carleton to the NSXA board.
The NSXA will continue to be operated locally by managing director and CEO Max Cunningham.
What they said: “We welcome the successful completion of this transaction and look forward to giving the Australian market what it needs: greater choice for investors to build wealth and a lower cost of capital for companies to fund their growth, especially in the early-stage and venture space,” said NSX chair Tim Hart.
“The addition of the CSE's experience and expertise to our board and management team will boost the NSXA's ability to offer improved solutions to companies and investors.”
The source: NSX media release
