TMX Group agrees to acquire Cboe Australia for USD300m
Make us a preferred source
Make us a preferred source on Google
The news: Canadian TMX Group has agreed to acquire Cboe Australia and Cboe Canada, as the exchange operator seeks to bolster its presence in Australia and securing a rival exchange operator for the Australian market’s ASX.
The numbers: A press release on the deal said TMX will acquire the companies from Cboe Global Markets for USD300 million ($409 million).
TMX said the combined Cboe Australia and Cboe Canada businesses delivered revenue of approximately CAD87 million in 2025.
The context: The transaction for Cboe Australia, first reported by the Australian Financial Review, saw TMX secure preferred bidder status for the Australian arm after discussions that included engagement with the Australia Securities and Investments Commission (ASIC).
“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 CEO John McKenzie said in a statement.
Should the transaction close, TMX, which owns and operates four Canadian exchanges, including the Toronto Stock Exchange and a stake in the Boston Options Exchange, will take over the local bourse which holds a roughly 20% share of equity market trading in Australia.
ASIC approved Cboe Australia’s listing market application in October last year, allowing it to list new companies on its platform and putting it in direct competition for floats with the ASX and National Stock Exchange of Australia (NSX). ASIC said the decision reinforced the regulator’s commitment to promote a vibrant and attractive local listing market.
The deal remains subject to regulatory approvals and closing conditions, with the Cboe Canada and Cboe Australia deals expected to close separately. ASIC said it would expedite its assessment of the Cboe Australia acquisition, the AFR reported.
Canaccord Genuity and Macquarie Capital are acting as financial advisers to TMX Group, while FGS Longview is acting as strategic communications adviser to TMX Group.
Barclays is acting as financial adviser to Cboe, while Sidley Austin LLP; Blake, Cassels & Graydon LLP; and Mallesons are serving as Cboe’s outside legal counsel.
What they said: Craig Donohue, CEO of Cboe Global Markets said: “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.”
